<SEC-DOCUMENT>0001558370-22-005549.txt : 20220418
<SEC-HEADER>0001558370-22-005549.hdr.sgml : 20220418
<ACCEPTANCE-DATETIME>20220418154621
ACCESSION NUMBER:		0001558370-22-005549
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		86
CONFORMED PERIOD OF REPORT:	20220418
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220418
DATE AS OF CHANGE:		20220418

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AXT INC
		CENTRAL INDEX KEY:			0001051627
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				943031310
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24085
		FILM NUMBER:		22832097

	BUSINESS ADDRESS:	
		STREET 1:		4281 TECHNOLOGY DR.
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538
		BUSINESS PHONE:		510.438.4734

	MAIL ADDRESS:	
		STREET 1:		4281 TECHNOLOGY DR.
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN XTAL TECHNOLOGY
		DATE OF NAME CHANGE:	19971217
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
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contextRef="Duration_4_18_2022_To_4_18_2022_Gde69G8Nt0u20lmemQUa6Q" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer" id="Narr_KjY_WNHDFEao_oO6e4wHog"><span style="font-family:'Segoe UI Symbol';font-size:11pt;">&#9744;</span></ix:nonNumeric><span style="font-size:11pt;"> Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><span style="font-size:6pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></p><p style="font-family:'Times New 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financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span style="font-family:'Segoe UI Symbol';font-size:11pt;">&#9744;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:6pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Securities registered pursuant to Section 12(b) of the Act:</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:6pt;visibility:hidden;">&#8203;</span></p><a id="_8c0e94f8_44a4_4817_a7cc_fe54e50f62e6"></a><a id="Tc_0lFBpMGZzUar28VbsGgpmA_0_0"></a><a id="Tc_SJ7nLvev2E-Dqttho99iAA_0_2"></a><a id="Tc_7LquwEnLV0qywSGH4r1TiQ_0_4"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:31.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Title&#160;of&#160;each&#160;class:</b></p></td><td style="vertical-align:top;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:26.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trading&#160;Symbol</b></p></td><td style="vertical-align:top;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:39.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name&#160;of&#160;each&#160;exchange&#160;on&#160;which&#160;registered:</b></p></td></tr><tr><td style="vertical-align:top;width:31.22%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_4_18_2022_To_4_18_2022_Gde69G8Nt0u20lmemQUa6Q" name="dei:Security12bTitle" id="Tc_pZ-cmVkYJUOVKNUbgYepMA_1_0">Common Stock, $0.001 par value</ix:nonNumeric></p></td><td style="vertical-align:top;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:26.43%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_4_18_2022_To_4_18_2022_Gde69G8Nt0u20lmemQUa6Q" name="dei:TradingSymbol" id="Tc_wPatL_7AQEaJiSomDifGYA_1_2">AXTI</ix:nonNumeric></p></td><td style="vertical-align:top;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:39.03%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_4_18_2022_To_4_18_2022_Gde69G8Nt0u20lmemQUa6Q" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_cNVWXAm-JEyLYJfGMK7BMA_1_4">The NASDAQ Stock Market LLC</ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_d91e8f39_aa29_4a47_b054_fb03d033ba16"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">References to &#8220;AXT&#8221; refer to AXT, Inc. and references to &#8220;Tongmei&#8221; refer to Beijing Tongmei Xtal Technology Co., Ltd.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 7.01. Regulation FD Disclosure.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">On January 10, 2022, Tongmei&#8217;s formal application to list its shares in an initial public offering (the &#8220;IPO&#8221;) on the Shanghai Stock Exchange&#8217;s Sci-Tech innovAtion boaRd (the &#8220;STAR Market&#8221;) was accepted for review by the Shanghai Stock Exchange. On April 18, 2022, Tongmei&#8217;s revised application to list its shares in an IPO on the STAR Market was accepted for review by the Shanghai Stock Exchange. A copy of the revised preliminary information document (the &#8220;PID&#8221;) that was submitted by Tongmei in connection with the proposed STAR Market listing and IPO is furnished as Exhibit 99.1 to this report. Copies of the supplementary Legal Opinion and supplementary Audit Inquiry Letter, which are exhibits to the PID, are being furnished as Exhibits 99.2 and 99.3 to this report, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The information in this Item 7.01 of this report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), nor will it be incorporated by reference in any filing under the Securities Act of 1933, amended (the &#8220;Securities Act&#8221;), or the Exchange Act, except as expressly set forth by specific reference in such filing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The process of going public on the STAR Market includes several periods of review and is therefore a lengthy process. There can be no assurances that the proposed STAR Market listing and IPO will ultimately be approved by the Shanghai Stock Exchange and China Securities Regulatory Commission and completed.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Tongmei shares referred to in the PID and this Item 7.01 of this report have not been, and will not be, registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This report is neither an offer to sell nor a solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of these shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:103.85%;"><tr><td style="vertical-align:top;width:8.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 9.01</b></p></td><td style="vertical-align:top;width:91.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Financial Statements and Exhibits.</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:6pt 0pt 0pt 0pt;">(d) Exhibits. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';visibility:hidden;">&#8203;</span></p><a id="_b0616adc_e69a_4fed_b165_644bcca0207e"></a><a id="_c04dbd25_ad93_4adb_a8fc_a45b9593abbe"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:103.85%;"><tr style="height:3.35pt;"><td style="vertical-align:middle;width:5.82%;margin:0pt;padding:0pt;"><div style="height:3.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:4.88%;margin:0pt;padding:0pt;"><div style="height:3.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:middle;width:89.29%;margin:0pt;padding:0pt;"><div style="height:3.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:middle;width:5.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:4.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:89.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:5.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;border-bottom:1px solid #000000;margin:0pt;"><b style="font-weight:bold;">Exhibit</b><b style="font-weight:bold;"><br /></b><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:bottom;width:4.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:89.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;border-bottom:1px solid #000000;margin:0pt;"><b style="font-weight:bold;">Description</b></p></td></tr><tr style="height:6pt;"><td style="vertical-align:middle;width:5.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:middle;width:94.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:5.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">99.1*</p></td><td style="vertical-align:bottom;width:4.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:89.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="axti-20220418xex99d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;background:#ffffff;">Preliminary Information Document of Beijing Tongmei Xtal Technology Co., Ltd.</span></a></p></td></tr><tr><td style="vertical-align:top;width:5.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">99.2*</p></td><td style="vertical-align:bottom;width:4.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:89.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="axti-20220418xex99d2.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;background:#ffffff;">Supplementary Legal Opinion</span></a></p></td></tr><tr><td style="vertical-align:top;width:5.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">99.3*</p></td><td style="vertical-align:bottom;width:4.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:89.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="axti-20220418xex99d3.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;background:#ffffff;">Supplementary Audit Inquiry Letter on Application for IPO</span></a></p></td></tr><tr><td style="vertical-align:top;width:5.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">104</p></td><td style="vertical-align:bottom;width:4.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:89.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="background:#ffffff;">Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">* <span style="background:#ffffff;">Unofficial English translation of original document prepared in Mandarin Chinese.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:37.05pt;margin:0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.7pt;padding-right:0.7pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:3.86%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:48.02%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:30.51%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:17.59%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:3.86%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:48.02%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:48.11%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">AXT, INC.</b></p></td></tr><tr><td style="vertical-align:top;width:3.86%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:48.02%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:48.11%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:3.86%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:48.02%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="letter-spacing:-0.1pt;">By:</span></p></td><td style="vertical-align:top;width:30.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;">/s/ Gary L. Fischer</span></p></td><td style="vertical-align:top;width:17.59%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td></tr><tr style="height:0pt;visibility:hidden;"><td colspan="4" style="padding:0pt;"></td></tr><tr><td style="vertical-align:top;width:3.86%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:48.02%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;white-space:pre-wrap;">Date:  </span>April 18, 2022</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:48.11%;margin:0pt;padding:0pt 0.69pt 0pt 0.69pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;">Gary L. Fischer</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="letter-spacing:-0.1pt;">Chief Financial Officer and Corporate Secretary</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt;"><span style="font-size:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.14.0.96--><!--Created on: 4/18/2022 07:39:36 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt 0pt 12pt 0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Exhibit 99.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><img src="axti-20220418xex99d1001.jpg" alt="Graphic" style="display:inline-block;height:72.6pt;width:73.8pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:15pt;font-weight:bold;">Beijing Tongmei Xtal Technology Co., Ltd.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:14pt;">(</font><font style="font-size:12pt;">No. 4, East 2</font><sup style="font-size:9pt;vertical-align:top;">nd</sup><font style="font-size:12pt;"> Street, Tongzhou Industrial Development Zone, Beijing)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:22pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:22pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:22pt;font-weight:bold;">Reply to Audit Inquiry Letter on</b><b style="font-size:22pt;font-weight:bold;"><br></b><b style="font-size:22pt;font-weight:bold;">Application for Initial Public Offering and</b><b style="font-size:22pt;font-weight:bold;"><br></b><b style="font-size:22pt;font-weight:bold;"> STAR Market Listing of Shares by Beijing </b><b style="font-size:22pt;font-weight:bold;"><br></b><b style="font-size:22pt;font-weight:bold;">Tongmei Xtal Technology Co., Ltd.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:22pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:22pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Sponsor (Lead Underwriter)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:13pt;"><img src="axti-20220418xex99d1002.jpg" alt="Graphic" style="display:inline-block;height:40.8pt;width:270pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">(No. 689, Guangdong Road, Shanghai)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:131.25pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:14pt;visibility:hidden;">&#8203;</font></p><p style="display:none;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:14pt;font-weight:bold;">Shanghai Stock Exchange:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Audit Inquiry Letter on Application for Initial Public Offering and STAR Market Listing of Shares by Beijing Tongmei Xtal Technology Co., Ltd. (SZKS (Audit) [2022] No. 66) (hereinafter &#8220;Inquiry Letter&#8221;) issued by you on February 9, 2022 has been received, Beijing Tongmei Xtal Technology Co., Ltd. (hereinafter &#8220;the Issuer&#8221;, &#8220;the Company&#8221; or &#8220;Beijing Tongmei&#8221;), Haitong Securities Co., Ltd. (hereinafter &#8220;Haitong Securities&#8221; or &#8220;Sponsor&#8221;), King &amp; Wood Mallesons (hereinafter &#8220;Issuer&#8217;s Attorney&#8221;), Ernst &amp; Young Hua Ming LLP (hereinafter &#8220;the Accountant&#8221; or &#8220;Reporting Accountant&#8221;) and other relevant parties have checked and verified the questions listed in Inquiry Letter, and now reply as follows for your review.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Except otherwise stated, abbreviations used herein have the same meanings in Prospectus of Beijing Tongmei in respect of Initial Public Offering and STAR Market Listing of Shares (declaration draft).</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:39.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:60.41%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type </b></p></td><td style="vertical-align:middle;width:60.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Typeface</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Boldface (bold)</b></p></td><td style="vertical-align:middle;width:60.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Questions listed in Inquiry Letter</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">SimSun (not bold)</font></p></td><td style="vertical-align:middle;width:60.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Reply to Questions listed in Inquiry Letter</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.58%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Simkai (bold)</b></p></td><td style="vertical-align:middle;width:60.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">The contents supplemented or revised in application documents such as prospectus</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In this Reply to Inquiry Letter, any difference in mantissa between the sum and the sum of the sub-items is due to rounding.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:16pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">1</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:16pt;font-weight:bold;">T</b><b style="font-size:16pt;font-weight:bold;">able of Contents</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">T</b><b style="font-size:12pt;font-weight:bold;">able of Contents</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q1. Asset Restructuring</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q2. Independence</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">22</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q3. AXT</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">66</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q4. Technological Advancement and Current State of Industry Development</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">92</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q5. Business Compliance</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">126</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q6. History of the Issuer</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">143</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q7. Patent</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">163</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q8. Sales Model and Key Customers</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">166</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q9. Procurement Mode and Major Suppliers</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">186</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q10. Revenue Confirmation</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">213</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q11. Sales Revenue and Gross Profit Margin</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">227</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q12. Inventory</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">245</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q13. Accounts Receivable</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">255</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q14. Non-current assets</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">271</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q15. R&amp;D Expenses</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">285</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q16. Internal Control</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">293</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q17. Share-based Payment</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">302</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q18. Fundraising Project</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">327</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q19. Spin-off for Listing</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">331</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q20. Other Questions</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">338</b></p></td></tr><tr><td style="vertical-align:top;width:91.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Overall Opinions of the Sponsor</b></p></td><td style="vertical-align:top;width:8.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">359</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">2</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q1. Asset Restructuring</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, 1) in December 2020, with a view to combine business resources and settle the issue of horizontal competition, AXT and relevant shareholders added investment in the Issuer with 100% equities of Beijing Boyu, Baoding Tongmei, Chaoyang Tongmei, Nanjing Jinmei and Chaoyang Jinmei, which become the subsidiaries wholly owned by the Issuer after the capital increase; 2) the price of capital increase by AXT and relevant shareholders this time through restructuring is RMB1.36 per unit of registered capital, and the price of equity transfer and capital increase by the Issuer in January 2021 was RMB5.03/registered capital; 3) the Issuer was reissued Business License on December 29, 2020. Ernst &amp; Young Hua Ming issued Capital Verification Report on January 28, 2021, confirming that the newly added registered capitals paid by investors have been received; 4) AXT is a NASDAQ listed company subject to accounting standard of US-GAAP, and the accounting standard implemented by the Issuer in this declaration is Chinese accounting standard; 5) in this asset restructuring, the Issuer believes that the ratios of total assets and business incomes of acquired entity and the Issuer were 91.94% and 33.41% respectively in 2019.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the transaction pricing method of the Company and acquired entities in this asset restructuring, evaluation of main parameters and fairness, the reason and reasonableness of large difference between the value estimated at this asset restructuring of the Company and the value estimated in January 2021 when the third party adds investment; (2) the time when the equities of five subsidiaries such as Beijing Boyu were transferred and included in consolidated statement, and the time when this asset restructuring was completed; (3) the main operating business, operation status, main financial data and applicable accounting standards of parent company and acquired entity during reporting period, calculation procedure of comparison of relevant financial indexes, and whether standard application is consistent; (4) business positioning</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">3</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">and work division, specific products and mutual relation between the Company and its subsidiaries after asset restructuring; (5) the integration measures adopted by the Company in assets, business and personnel, and their effect, the measures and effect of controlling each subsidiary, and whether there is any risk of influencing stability of main operating business of the Company and effective control of subsidiaries.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and Reporting Accountant are requested to explain the verification procedure performed for the valuation report of the Issuer and acquired entity in this asset restructuring, and give express opinions on fairness of transaction price.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and Issuer&#8217;s Attorney are requested to give express opinions on whether or not the Issuer meets relevant rules based on the time of completion of this asset restructuring and comparison of relevant financial indexes.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 24.1pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The transaction pricing method of the Company and acquired entities in this asset restructuring, main parameters of evaluation and fairness, the reason and reasonableness of large difference between the value estimated at this asset restructuring of the Company and the value estimated in January 2021 when the third party adds investment;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The transaction pricing method of the Company and acquired entities in this asset restructuring</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In this asset restructuring, AXT, Jinchao Business Management, Beijing Bomeilian and Zhongke Hengye increased their investment in the Company with their 100% equities in Beijing Boyu, Baoding Tongmei, Chaoyang Tongmei, Nanjing Jinmei and Chaoyang Jinmei, and the details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">4</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">shareholder</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Method of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">payment</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:12.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Appraisal base</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">date</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Reference Number of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">appraisal report</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Value of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">appraisal</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Transaction </b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">price</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Subscribed</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">registered</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">capital of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">the</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Company</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;white-space:nowrap;width:22.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">100% equity interest in Baoding Tongmei</p></td><td rowspan="6" style="vertical-align:middle;white-space:nowrap;width:12.64%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">September 30,<br> 2020</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Zhong Feng Ping Bao <br>Zi [2021] No. 01234</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">14,433.71</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">14,433.5425</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">10,594.98</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:22.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">100% equity interest in Chaoyang Tongmei</p></td><td style="display:none;vertical-align:middle;white-space:nowrap;width:12.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Zhong Feng Ping Bao<br>Zi [2021] No. 01235</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">16,001.68</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">16,001.5758</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">11,746.00</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:22.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">100% equity interest in Nanjing Jinmei</p></td><td style="display:none;vertical-align:middle;white-space:nowrap;width:12.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Zhong Feng Ping Bao <br>Zi [2021] No. 01236</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">9,214.83</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">9,214.5972</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">6,764.00</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:22.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">91.5% equity interest in Chaoyang Jinmei</p></td><td style="display:none;vertical-align:middle;white-space:nowrap;width:12.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Zhong Feng Ping Bao <br>Zi [2021] No. 01237</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">4,575.00</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">4,574.6715</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">3,358.05</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:22.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">67% equity interest in Beijing Boyu</p></td><td style="display:none;vertical-align:middle;white-space:nowrap;width:12.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Zhong Feng Ping Bao <br>Zi [2021] No. 01232</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">17,822.00</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">17,234.3756</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">12,650.94</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.61%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Jinchao Business Management</p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">8.5% equity interest in Chaoyang Jinmei</p></td><td style="display:none;vertical-align:middle;white-space:nowrap;width:12.64%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.6%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Zhong Feng Ping Bao <br>Zi [2021] No. 01237</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">425.00</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.64%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">424.9695</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">311.95</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">5</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.62%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:12.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:17.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:8.7%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:10.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:10%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.62%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Beijing Bomeilian</p></td><td style="vertical-align:middle;width:17.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">27% equity interest in Beijing Boyu</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Zhong Feng Ping Bao<br> Zi [2021] No. 01232</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">7,182.00</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">6,945.1961</p></td><td style="vertical-align:middle;white-space:nowrap;width:10%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">5,098.14</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.62%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Zhongke Hengye</p></td><td style="vertical-align:middle;width:17.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">6% equity interest in Beijing Boyu</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Zhong Feng Ping Bao<br>Zi [2021] No. 01232</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1,596.00</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1,543.3769</p></td><td style="vertical-align:middle;white-space:nowrap;width:10%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1,132.92</p></td></tr><tr style="height:19.85pt;"><td colspan="4" style="vertical-align:middle;white-space:nowrap;width:70.65%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">71,250.22</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">70,372.3051</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">51,656.98</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the capital increase agreement of Tongmei Limited and the asset evaluation reports issued by Sinotop Appraisal, AXT subscribed for the newly increased registered capital of the Company in an amount of RMB451,139,700, the consideration of which was its 100% equity interest in Baoding Tongmei, 100% equity interest in Chaoyang Tongmei, 100% equity interest in Nanjing Jinmei, 91.5% equity interest in Chaoyang Jinmei and 67% equity interest in Beijing Boyu; Jinchao Business Management subscribed for the newly increased registered capital of the Company in an amount of RMB3,119,500, the consideration of which was its 8.5% equity interest in Chaoyang Jinmei; Beijing Bomeilian subscribed for the newly increased registered capital of the Company in an amount of RMB50,981,400, the consideration of which was its 27% equity interest in Beijing Boyu; Zhongke Hengye subscribed for the newly increased registered capital of the Company in an amount of RMB11,329,200, the consideration of which was its 6% equity interest in Beijing Boyu. The capital increase price for AXT, Jinchao Business Management, Beijing Bomeilian and Zhongke Hengye is RMB1.36 per unit of registered capital, which was confirmed by the Parties through negotiation based on the net asset per share of Beijing Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Main parameters of evaluation and fairness</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The evaluation method, main parameters, evaluation procedure and result and value adding status of aforesaid evaluation are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Evaluation of equity values of Beijing Boyu and Chaoyang Jinmei</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Thinking of evaluation</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">6</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to due diligence of this evaluation, the asset composition and business characteristics of the enterprise, all equities of its shareholders (net assets) are valued on the basis of audited financial statement of the evaluated entity, that is, the value of all equities of its shareholders results from evaluating the value of productive assets of the evaluated entity by using discounted cash flow (DCF) in the way of income, plus value of other assets, and minus value of other liabilities; that is, the value of all equities of shareholders is obtained indirectly through evaluating overall value of the enterprise.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Evaluation model</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 24pt;"><font style="font-size:12pt;">The basic calculation model of this evaluation is:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 26.2pt;"><i style="font-size:12pt;font-style:italic;">E </i><font style="font-size:12pt;">= </font><i style="font-size:12pt;font-style:italic;">B</i><font style="font-size:12pt;">-</font><i style="font-size:12pt;font-style:italic;">D</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 24pt;"><i style="font-size:12pt;font-style:italic;">E</i><font style="font-size:12pt;">: Value of all equities of shareholders of estimation object</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 24pt;"><i style="font-size:12pt;font-style:italic;">B</i><font style="font-size:12pt;">: Overall corporate value of estimation object</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 37.6pt;"><i style="font-size:12pt;font-style:italic;">B</i><font style="font-size:12pt;">=</font><i style="font-size:12pt;font-style:italic;">P</i><font style="font-size:12pt;">+</font><i style="font-size:12pt;font-style:italic;">C</i><sub style="font-size:7.87pt;font-style:italic;vertical-align:sub;">i </sub><font style="font-size:12pt;">+</font><i style="font-size:12pt;font-style:italic;">Q</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 35.4pt;"><font style="font-size:12pt;">Wherein: P: Value of productive assets of estimation object</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 82.8pt;"><font style="font-size:12pt;">&#931;Ci: Value of surplus assets and non-operating assets (liabilities)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 82.8pt;"><font style="font-size:12pt;">Q: Value of long-term equity investment of estimation object</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 24pt;"><i style="font-size:12pt;font-style:italic;">D</i><font style="font-size:12pt;">: Value of interest-bearing debt of estimation object</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) Main parameters</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main parameters of income method evaluation include operating income, operating cost, period expense and discount rate; relevant operating income and discount rate are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:18.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Parameter</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:39.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Beijing Boyu</b></p></td><td style="vertical-align:middle;width:42.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Chaoyang Jinmei</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:18.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Forecast period</font></p></td><td colspan="2" style="vertical-align:middle;width:81.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Sustainable operation, the forecast period is perpetual, 5-year income growth period and the perpetual growth rate is 0% after 5 years.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:18.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Operating income</font></p></td><td style="vertical-align:middle;width:39.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">From 2021 to 2025, the operating incomes are RMB109.46 million, RMB118.22 million, RMB125.31 million, RMB131.58 million and RMB136.84 million respectively.</font></p></td><td style="vertical-align:middle;width:42.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">From 2021 to 2025, the operating incomes are RMB62.19 million, RMB88.42 million, RMB123.21 million, RMB135.19 million and RMB144.37 million respectively.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:18.23%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:39.16%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">12.70%</font></p></td><td style="vertical-align:middle;width:42.59%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">13.00%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">7</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:18.23%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Discount rate</font></p></td><td style="vertical-align:middle;width:81.76%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Discount rate is confirmed by using Weighted Average Cost of Capital (WACC) model; of which, risk-free rate is determined by reference to average interest rate of medium and long term national debts issued in recent five years</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Evaluation of equity values of Chaoyang Tongmei, Baoding Tongmei and Nanjing Jinmei</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Thinking of evaluation</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The value of evaluation object is confirmed through reasonable evaluation of values of assets and liabilities of the enterprise on the basis of balance sheet of the evaluated enterprise at the evaluation benchmark date.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Main parameters</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The evaluation method is asset basis method, and relevant assets are confirmed mainly through book value and replacement cost method.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. Conclusion of evaluation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The evaluation conclusions for aforesaid entities are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Entity</b></p></td><td style="vertical-align:middle;width:17.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Evaluated value</b></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Value added amount</b></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Value added rate</b></p></td><td style="vertical-align:middle;width:21.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Method of evaluation</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:17.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26,600.00</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,451.30</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">88.00%</font></p></td><td style="vertical-align:middle;width:21.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Income method</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Chaoyang Jinmei</font></p></td><td style="vertical-align:middle;width:17.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,000.00</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,083.35</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">71.43%</font></p></td><td style="vertical-align:middle;width:21.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Income method</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Chaoyang Tongmei</font></p></td><td style="vertical-align:middle;width:17.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">16,001.68</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">927.04</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6.15%</font></p></td><td style="vertical-align:middle;width:21.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Asset basis method</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Baoding Tongmei</font></p></td><td style="vertical-align:middle;width:17.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">14,433.71</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">601.58</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4.35%</font></p></td><td style="vertical-align:middle;width:21.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Asset basis method</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.76%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:17.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9,214.83</font></p></td><td style="vertical-align:middle;width:17.78%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">134.22</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.48%</font></p></td><td style="vertical-align:middle;width:21.29%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Asset basis method</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As a whole, the pricing basis for the purchase of Beijing Boyu, Chaoyang Jinmei, Chaoyang Tongmei, Baoding Tongmei and Nanjing Jinmei by the Issuer is the evaluated equities of all shareholders; of which, the evaluation method adopted by final conclusion for Beijing Boyu and Chaoyang Jinmei is income method.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">8</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">With respect to Chaoyang Tongmei, Baoding Tongmei and Nanjing Jinmei, asset basis method is adopted for confirming evaluated value mainly because: (1) Chaoyang Tongmei and Baoding Tongmei just start operation and suffer losses at the evaluation benchmark day, with large uncertainty on future proceeds and risks, and the income method cannot reflect the value of all their equities; in addition, Chaoyang Tongmei and Baoding Tongmei have large capital expenditures, with large amount and high degree of newness of noncurrent assets such as plants and machine, so it is reasonable to adopt asset basis method for evaluation; (2) After transferring its production business to Chaoyang Jinmei, Nanjing Jinmei only assumes the function of sale, and all its revenues depend on the production of Chaoyang Jinmei, lacking independent capacity of gaining profits; in the other hand, Nanjing Jinmei is reducing its single sale, and the income method cannot fairly reflect the value of all its equities, so asset basis method is adopted for evaluation. As a whole, it is reasonable for final evaluation conclusion of aforesaid three companies to adopt asset basis method as the evaluating method, and the transaction price paid by the Issuer for purchasing restructured object is fair.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">4. The reason and reasonableness of large difference between the valuation at this asset restructuring of the Company and the valuation at the capital increase from third parties in January 2021</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The reasons for large difference between the value estimated at this asset restructuring of the Company and the value estimated in January 2021 when the third party increases capital include:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Different transaction backgrounds</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Before this asset restructuring, there was either business overlapping or upstream and downstream relationship between the Company and the restructured parties without horizontal competition, involving lots of related party transactions. The purpose of this restructuring is to integrate business resources, deal with horizontal competitions and reduce related party transactions. Given all restructured parties are controlled by AXT, such restructuring denotes a combination involving enterprises under common control and an internal integration at the level of the Group.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">9</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The third party capital increase in January 2021 was a market-based investment by external entities, which were introduced by the Issuer for attracting capitals for business development. This capital increase and pricing was established through negotiation between the market-based entities and the Company after full consideration of prospect of the Company&#8217;s listing by each investor.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Different pricing bases</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">This asset restructuring is the combination of enterprises under same control, and the capital increase price of the Issuer is confirmed by the parties through negotiation on the basis of net assets per share.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The corporate value is confirmed through negotiation between the Issuer and external investors who invest in the Company based on their optimism on the future development after the restructuring taking into account the prospect of listing and market value of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Difference in valuation scope and synergy after restructuring</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Before restructuring, the Issuer is a single entity mainly dealing in indium phosphide, gallium arsenide and Germanium substrate, without a sound industrial chain.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Through restructuring, the Company integrates supply of raw materials of semiconductor substrates upstream such as PBN crucible, indium phosphide polycrystalline and high-purity gallium, with its main businesses covering the R&amp;D, production and sales of semiconductor substrate materials, PBN materials and other high-purity materials, forming a complete industry chain of semiconductor substrate materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After completion of business handover between AXT and AXT-Tongmei in March 2021, original overseas business of AXT is transferred to the Issuer and its subsidiaries, and the Issuer deals with overseas customers directly, and the Company can conduct independent sales in the overseas market, with apparent industrial and resource synergy after the restructuring, which greatly improves the overall profitability and anti-risk ability of the Company, as well as the valuation thereof at the time of additional capital contribution by external investors after the restructuring.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Effect of Valuation Adjustment Mechanism (VAM) on valuation</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">10</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the provisions of Supplemental Agreement to Capital Increase Agreement of Beijing Tongmei Xtal Technology Co., Ltd. executed by the Company, AXT and external investors, investors will be entitled to require AXT to repurchase all or parties equities of the Company held by investors if the Company fails to realize IPO prior to December 31, 2022 (if the Company&#8217;s IPO is under review at the expiry of such period, the repurchase shall be postponed to the time when IPO fails or the Company withdraws its application) or is under other special circumstances. In addition to such article of repurchasing equities, the Supplemental Agreement also contains special rights articles such as equity transfer limitation, preemptive right, priority in sale and anti-dilution. When buying shares, the external investors are protected by the VAM article, the consideration of which during negotiation among the parties properly increased the overall valuation of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As a whole, the large difference between the value estimated at this asset restructuring of the Company and the value estimated in January 2021 when the third party increases capital is reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The time when equities of 5 subsidiaries such as Beijing Boyu were transferred and included in consolidated statement, and the time when this asset restructuring is completed</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to its industrial and commercial registration materials, the restructured parties (acquired entities) involve the following dates during procedure of this asset restructuring:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:14.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:12.98%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:11.53%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:12.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:11.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Chaoyang</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Tongmei</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:12.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Baoding</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Tongmei</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Nanjing</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Jinmei</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Chaoyang</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Jinmei</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:11.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Beijing</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Boyu</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Date of Equity Transfer Agreement</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:11.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.29</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Date of resolutions of general meeting/board meeting</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:11.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.29</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Date of modification of articles of association</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:11.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:11.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.29</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.74%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Date of industrial and commercial modification</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.31</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2021.1.12</p></td><td style="vertical-align:middle;white-space:nowrap;width:11.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.30</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.31</p></td><td style="vertical-align:middle;white-space:nowrap;width:11.25%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020.12.30</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">11</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Capital Increase Agreement signed by restructuring party (Tongmei Limited) and original shareholders of restructured party (acquired entity), acquiring new equities of restructuring party by original shareholders of restructured party is subject to registration of industrial and commercial change and issuance of business license. Tongmei Limited completed industrial and commercial change for this asset restructuring and was reissued the new business license on December 29, 2020, therefore, original shareholders of restructured party acquired the new equities of restructuring party on December 29, 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In accordance with the provisions of Accounting Standards for Enterprises No.20 - Business Combination, the standards for judging the control of which restructuring party (Tongmei Limited) has over restructured party (acquired entity) and the actual circumstance is as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:38.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Conditions of realizing control transfer</b></p></td><td style="vertical-align:middle;width:53.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Actual circumstance of control transfer</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:38.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The contract or agreement of business combination has been adopted in the general meeting</font></p></td><td style="vertical-align:middle;width:53.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The equity transfer agreement has been adopted in the meetings of board of directors or general meetings of the parties on December 25 or December 29, 2020.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:38.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The business combination has been approved by competent authority of the state (if necessary)</font></p></td><td style="vertical-align:middle;width:53.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">It is unnecessary for this asset restructuring to be approved by the competent authority of the state.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:38.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The parties participating in the combination have completed necessary formalities of transfer of property rights</font></p></td><td style="vertical-align:middle;width:53.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The equity transfer agreement has been executed on December 25 or December 29, 2020, and the parties confirm that closing of relevant equities has been completed on the execution date of the agreement.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:38.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The combining or acquiring party has paid most of the combination</font></p></td><td style="vertical-align:middle;width:53.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">On December 29, 2020, original shareholders of restructured party acquired new equities of </font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">12</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:38.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">price (usually more than 50%), and has capacity and plan to pay the remaining price</font></p></td><td style="vertical-align:middle;width:53.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Tongmei Limited (consideration of restructuring), indicating that the restructuring party has paid all consideration of restructuring.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:38.66%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The combining or acquiring party has controlled the finance and business policies of the combined or acquired party, having corresponding benefits and assuming corresponding risks.</font></p></td><td style="vertical-align:middle;width:53.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">As at December 29, 2020, the restructuring party has controlled the finance and business policies of the restructured party, having shareholders&#8217; rights and benefits, and assuming shareholders&#8217; obligations and relevant risks.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As mentioned in aforesaid form, as at December 29, 2020, the control over restructured party (acquired entity) has been transferred to the Issuer, so it is deemed that this asset restructuring has been completed on December 29, 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The main operating business, operation status, main financial data and applicable accounting standards of parent company and acquired entity during reporting period, calculation procedure of comparison of relevant financial indexes, and whether standard application is consistent;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The main operating business, operation status and main financial data of parent company and acquired entity during reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main operating business, operation status and main financial data of parent company and acquired entity during reporting period are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Entity</b></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Main business</b></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Beijing Tongmei</font></p></td><td rowspan="5" style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">R&amp;D, production and sale of indium phosphide and germanium substrates</p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">162,094.90</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">168,634.49</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">80,072.95</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">135,012.05</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">103,063.54</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">44,648.62</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Operating income</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">36,459.67</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">40,800.67</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">35,728.47</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-2,475.93</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,149.40</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,507.98</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,686.32</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,981.44</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,280.80</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">43,772.72</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">32,811.80</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">28,635.15</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">13</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td rowspan="4" style="vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">17,074.73</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">12,772.13</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">13,968.01</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Operating income</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">29,740.00</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">7,159.40</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,953.43</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">4,878.84</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-2,383.11</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-2,902.24</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">4,294.94</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,195.88</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-2,902.24</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Chaoyang Tongmei</p></td><td rowspan="5" style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">R&amp;D, production and sale of GaAs Single Crystal Ingots</p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">41,223.45</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">29,939.56</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">24,219.28</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">14,302.34</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">15,418.47</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">15,312.35</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Operating income</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">15,443.60</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">6,018.06</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,470.16</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,166.13</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-522.43</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,457.28</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,137.76</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">135.80</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,490.48</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Chaoyang Jinmei</p></td><td rowspan="5" style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">R&amp;D, production and sale of high-purity metals and compounds</p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">16,167.20</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">10,828.24</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">7,005.23</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">5,789.78</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">3,168.80</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,572.78</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Operating income</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">8,384.67</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">3,890.71</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,095.62</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,913.95</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,559.89</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">360.31</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,550.18</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,287.47</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">258.62</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Nanjing Jinmei</p></td><td rowspan="5" style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Sale of high-purity metals and compounds</p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">12,613.84</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">12,407.95</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">9,340.66</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">11,636.11</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">9,572.22</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">8,647.58</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Operating income</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">18,510.08</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">8,538.73</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">5,781.28</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,218.57</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">886.41</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">942.58</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,911.07</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">789.02</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">756.09</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:11.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Beijing Boyu</p></td><td rowspan="5" style="vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">R&amp;D, production and sale of PBN materials</p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">21,347.82</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">17,030.67</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">12,659.92</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">13,461.87</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">9,404.09</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">10,415.92</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Operating income</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">13,833.26</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">11,149.72</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">9,492.30</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">4,504.35</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">3,361.01</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,541.82</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">3,982.74</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,958.20</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,393.48</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: the aforesaid financial data have been prepared in accordance with enterprise accounting standard and accounting policy of this company, and have been included in the consolidated financial statement of this company, which has been audited by Reporting Accountant, and a standard Audit Report &#8220;AYHM (2022) SZ No. </font><font style="font-size:10.5pt;">61641535_B01&#8221; without reservations has been issued.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">14</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Applicable accounting standard, calculation procedure of comparison of relevant financial indexes, and whether standard application is consistent</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Accounting standards for domestic enterprises apply to relevant financial data of parent company and acquired entity during the reporting period, and the standard application is consistent. The calculation procedure of comparison of relevant financial indexes is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Entity/Item</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total assets at end</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;"> of 2019</b></p></td><td style="vertical-align:middle;width:20.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Operating</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">income of 2019</b></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total profits</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Beijing Tongmei A</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">80,072.95</font></p></td><td style="vertical-align:middle;width:20.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">35,728.47</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1,507.98</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Baoding Tongmei B</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">28,635.15</font></p></td><td style="vertical-align:middle;width:20.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,953.43</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-2,902.24</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Chaoyang Tongmei C</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">24,219.28</font></p></td><td style="vertical-align:middle;width:20.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,470.16</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-1,457.28</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Chaoyang Jinmei D</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">7,005.23</font></p></td><td style="vertical-align:middle;width:20.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,095.62</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">360.31</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei E</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9,340.66</font></p></td><td style="vertical-align:middle;width:20.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,781.28</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">942.58</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Beijing Boyu F</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,659.92</font></p></td><td style="vertical-align:middle;width:20.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9,492.30</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">1,541.82</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Current account offset against restructuring party G </font></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-8,238.45</font></p></td><td style="vertical-align:middle;width:20.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-8,856.82</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-881.63</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Total amount of acquired entity H=B+C+D+E+F+G</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">73,621.79</font></p></td><td style="vertical-align:middle;width:20.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">11,935.97</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-2,396.44</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.96%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion (H/A)</b></p></td><td style="vertical-align:middle;width:23.51%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">91.94%</b></p></td><td style="vertical-align:middle;width:20.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">33.41%</b></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">N/A</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In accordance with the provisions of &#8220;Opinions on Application of Article 12 (No material change happens on main operating business of the Issuer in recent 3 years) of The Measures for the Administration of Initial Public Offering and Listing of Stocks - Opinions No. 3 on Application of Securities and Futures Laws&#8221; (hereinafter &#8220;Opinions No. 3&#8221;), If the Issuer restructures the same, similar or relevant businesses under the same corporate controlling person during the reporting period, and the total assets of the restructured party at the end of the accounting year immediately preceding the restructuring or its operating income or total profits of preceding accounting year are not less than 100% of corresponding item of the Issuer prior to restructuring, the Issuer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">15</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">cannot apply for public offering until it has operated for an accounting year after restructuring so that investors can know the overall operation after restructuring. If there is any related transaction between the restructured party and the Issuer in the accounting year prior to the restructuring, the total assets, operating income or total profits shall be calculated based on the standard after deducting such transaction.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As showed in aforesaid form, the total assets at end of 2019, the operating income and total profits of the restructured party in 2019 were less than corresponding items of the Issuer, so it does not fall in the circumstance stipulated by Opinions No. 3 where the application can only be made after operating for a full accounting year after restructuring; the time of completing this asset restructuring and comparison of relevant financial indexes comply with relevant laws and statutes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) Business positioning and work division, specific products and mutual relation between the Company and its subsidiaries after asset restructuring;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Business positioning, work division and specific products of the Company and its subsidiaries after asset restructuring are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1003.jpg" alt="Graphic" style="display:inline-block;height:243.6pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:415.2pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The business positioning and work division of the Company and its subsidiaries are clear. After the restructuring, the Issuer may provide semiconductor substrate materials, PBN crucibles and other materials, as well as high-purity metals and compounds, with its products covering semiconductor substrate materials, end-user</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">16</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">product-related consumables and upstream raw materials, forming a complete industrial chain, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The indium phosphide polycrystalline produced by Chaoyang Jinmei is provided to the Company for single-crystal growth, high-purity gallium is provided to Chaoyang Tongmei for producing gallium arsenide single crystal ingot, and other high-purity metals and compounds are used for sale directly or through Nanjing Jinmei. PBN crucible produced by Beijing Boyu is indispensable consumption material for single-crystal growth of the Company, and is also sold together with other PBN materials to others. Baoding Tongmei produces and sells GaAs substrates based on the gallium arsenide single crystal ingot supplied by Chaoyang Tongmei through subsequent procedure of cutting, grounding and polishing. The Company is responsible for the production, R&amp;D and sales of InP substrates and germanium substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, after restructuring, the business positioning and work division of the Company and its subsidiaries are clear, forming a sound industrial chain of compound semiconductor substrate materials as a whole, with strong market competitiveness.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(V) The integration measures adopted by the Company in assets, business and personnel, and their effect, the measures and effect of controlling each subsidiary, and whether there is any risk of influencing stability of main operating business of the Company and effective control over subsidiaries.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The integration measures adopted by the Company in assets, business and personnel, and their effect</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After acquiring the 5 companies such as Beijing Boyu, the assets, business and personnel of relevant entities do not change greatly, and its original business continues to operate and develop as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In terms of assets, after restructuring, the 5 companies such as Beijing Boyu keep their major assets, and the main operating business continues to run as usual based on relevant assets.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In terms of business, after restructuring, the Issuer and its subsidiaries have clear responsibilities and continue to perform their respective functions based on original cooperation and work division. The Company operates well in the R&amp;D, production</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">17</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">and sale of indium phosphide substrate, gallium arsenide substrate, germanium substrate, PBN material and other high-purity materials, so the integration effect is satisfying.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In terms of personnel, after restructuring, the Issuer completes equity reform, and engages WANG Yuxin and GUO Tao to act as deputy general managers, HAO Ze acts as financial manager, and SONG Jing acts as secretary of the board of directors; the 5 companies such as Beijing Boyu reserve their R&amp;D and management teams, the personnel in relevant teams do not change greatly, and main personnel continue to perform original labor contracts and labor relationship.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Since aforesaid entities are under control of AXT prior to restructuring, have clear work divisions and cooperate with each other, this acquisition has no material influence on the assets, business and personnel of relevant entities and does not affect effective operation of each entity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;"> </font><font style="font-size:12pt;">At the time of capital increase by external investors in January 2021, the Supplement to Capital Increase Agreement between AXT and external investors provided for the issues such as assets restructuring, establishment of overseas subsidiary, reduction of horizontal competition and connected transactions, with main contents and completion status as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:6.77%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:51.25%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:41.96%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:6.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">No.</p></td><td style="vertical-align:top;width:51.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 0pt;">Main Contents</p></td><td style="vertical-align:top;width:41.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 0pt;">Completion status</p></td></tr><tr><td style="vertical-align:top;width:6.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">1</p></td><td style="vertical-align:top;width:51.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0.1pt 7.2pt 6pt 7.2pt;">Tongmei Limited shall complete acquisition of restructured party and become the sole entity listed in China</p></td><td style="vertical-align:top;width:41.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0.1pt 7.2pt 6pt 7.2pt;">Tongmei Limited has completed acquisition of restructured party in accordance with the agreement</p></td></tr><tr><td style="vertical-align:top;width:6.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">2</p></td><td style="vertical-align:top;width:51.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0.1pt 7.2pt 6pt 7.2pt;">Tongmei Limited shall set up a wholly-own subsidiary in USA, and such subsidiary is responsible for selling to overseas customers and taking over relevant personnel</p></td><td style="vertical-align:top;width:41.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0.1pt 7.2pt 6pt 7.2pt;">Tongmei Limited has set up AXT-Tongmei, which sell products to overseas customers; original overseas business of AXT has been transferred to the Issuer and its subsidiaries in accordance with the agreement</p></td></tr><tr><td style="vertical-align:top;width:6.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">3</p></td><td style="vertical-align:top;width:51.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0.1pt 7.2pt 6pt 7.2pt;">AXT shall not directly or indirectly deal with, or deal with for others, any business which is the same, similar or competing with primary business of the Company and its subsidiaries, and the Company&#8217;s completion of IPO will not be adversely affected by horizontal competition </p></td><td style="vertical-align:top;width:41.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0.1pt 7.2pt 6pt 7.2pt;">AXT&#8217;s functions of overseas sale and purchase have been transferred to the Issuer and its subsidiaries in accordance with the agreement</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">18</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:6.77%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:51.25%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:41.96%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:6.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:51.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:4pt 7.2pt 6pt 7.2pt;">issues.</p></td><td style="vertical-align:top;width:41.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:4pt 7.2pt 6pt 7.2pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:6.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">4</p></td><td style="vertical-align:top;width:51.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:4pt 7.2pt 6pt 7.2pt;">Tongmei Limited and AXT will further standardize and reduce connected transaction, and the Company&#8217;s completion of IPO will not be adversely affected by any connected transaction</p></td><td style="vertical-align:top;width:41.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:4pt 7.2pt 6pt 7.2pt;">The connected transaction has been reduced through asset restructuring and setup of AXT-Tongmei in accordance with the agreement</p></td></tr><tr><td style="vertical-align:top;width:6.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">5</p></td><td style="vertical-align:top;width:51.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:4pt 7.2pt 6pt 7.2pt;">AXT shall exclusively license its intellectual properties such as patent or patent application right to Tongmei Limited, so that it is qualified for listing.</p></td><td style="vertical-align:top;width:41.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:4pt 7.2pt 6pt 7.2pt;">AXT has licensed its intellectual properties, licensed patents and patent under application to the Issuer and its controlling subsidiaries in accordance with the agreement</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Note: aforesaid supplemental agreement has been terminated automatically when the Company submits IPO declaration documents.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. The measures and effect of controlling each subsidiary</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company institutes the integration plan and relevant management regulations such as the Regulation on Management of Subsidiaries, which stipulates that the Company will guide, management and supervise the organization, finance, operation and investment decision-making, decision-making on major issues, internal audit, administration, personnel and performance assessment of its subsidiaries.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company manages and controls its subsidiaries in accordance with provisions of relevant laws and regulations such as Company Law and Articles of Association: firstly, guiding each subsidiary on improvement of corporate governance and modern enterprise regime and revision of relevant regulations such as Articles of Association in accordance with relevant laws and statutes; secondly, urging and supervising each subsidiary to report to the Company any major issues such as connected transaction, external guarantee, external investment and other purchase and disposal in advance; thirdly, managing subsidiaries based on different businesses through streamlining administration and delegating power, with the goal of improving quality and efficiency, transforming and upgrading; fourthly, strengthening capacity construction of value creating units such as technology, R&amp;D, marketing and production, and maintaining an efficient management organ and team; fifthly, strengthening the Company&#8217;s capacity of managing finance of each subsidiary.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As a whole, the Company effectively implemented the integration measures in the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">19</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">aspects of assets, business and personnel; after integration, the incomes of the Issuer within the scope of combination increased fast; the Issuer further strengthened and improved the management regulations on subsidiaries, and made decisions on major issues of subsidiaries through exercising shareholders&#8217; rights. The effect of this integration is good; after integration, the Issuer may exert effective control over subsidiaries, the incomes of the Company from its main operating business increased fast, and the risk of integration is relatively small.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The Sponsor and Reporting Accountant are requested to explain the verification procedure conducted on the Issuer and valuation report of acquired equities in this asset restructuring, and give express opinions on the fairness of transaction pricing.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Sponsor and the Reporting Accountant mainly implemented the following verification procedure:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Check financial statements and breakdowns of the 5 restructured companies such as Beijing Boyu as at September 2020 to know their assets;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Check the resolutions, industrial &amp; commercial registration change and other documents of the Issuer and the restructured companies, to learn the main terms and relevant provisions of acquisition issues;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Perform necessary verification procedure, including checking qualification certificates of the appraisal institutions and the appraisers involved with reference to the List of Appraisal Firms Engaged in the Securities Service Business issued by the CSRC to confirm if the qualification of the appraisal firm complies with laws and regulations, to know the practice experience of appraisers and evaluate if they have professional capacity;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. Consult Assets Appraisal Report issued by </font><font style="font-size:12pt;">Sinotop Appraisal to see the appraisal methods, main assumptions and main parameters adopted by appraisers and the appraisal result; analyze by comparing the performance of the restructured party during the reporting period, current status of the industry and prospect of the market</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">20</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">with the appraisal methods, main assumptions and main parameters adopted by appraisers, so as to evaluate if the appraisal procedure is reasonable and suitable;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. Consult the appraisal reports issued for projects of market restructuring and the appraisal methods and procedures used therein to see whether they are greatly different with the appraisal methods and parameters adopted by the appraisers, and evaluate whether the parameters adopted by the appraisers deviate from relevant parameters in the market;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">6. Review original data used for appraisal, and obtain forecast on future profits from and interviewing with the management regarding key appraisal parameters to evaluate the reasonableness of their forecast on business development, and the relevance, integrity and accuracy of original data and evidences acquired by the appraisal;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">7. Introduce internal experts of Reporting Accountant to review reasonableness of appraisal method and key parameters adopted by appraisal firm;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">8. Check assets of the restructured party, such as estates, equipment and inventory;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">9. Interview with managerial staff of the Issuer to see operation status of the Issuer and the restructured companies, the pricing procedure in relation to acquisition and development status of the Issuer and restructured companies after the restructuring.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After verification, the Sponsor and the Reporting Accountant hold the opinion that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In this asset restructuring, the transaction pricing method and the main appraisal parameters of the Company and the restructured parties are reasonable; based on aforesaid methods, parameters and transaction backgrounds, the transaction consideration of this asset restructuring is fair.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">III. The Sponsor and Issuer&#8217;s Attorney are requested to give express opinions on whether or not the Issuer meets relevant rules based on the time of completion of this asset restructuring and comparison of relevant financial indexes.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Sponsor and the Issuer&#8217;s Attorney implemented the following verification</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">21</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">procedure:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Check resolutions of general meetings and the board meetings, articles of association, equity transfer agreement, capital increase agreement, industrial &amp; commercial registration materials and the new business license after change, consult relevant provisions of Guide on Application of Accounting Standards for Business Enterprises No. 20 - Business Combinations, and check the time of completion of this asset restructuring;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Check financial statements of the restructuring party (Tongmei Limited) and the restructured party (acquired entities) within the reporting period offered by the Issuer, calculate the proportions of the total assets of the restructured party at the end of accounting year immediately preceding restructuring or the business income or total profits in the preceding accounting year to corresponding items of the Issuer prior to restructuring, and check if complying with relevant laws and statutes such as Opinions No. 3.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After verification, the Sponsor and the Issuer&#8217;s Attorney hold the opinion that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The time of completing this asset restructuring is December 29, 2020; the total assets of the restructured party at end of 2019, and its business income and total profits for the year of 2019, are less than corresponding items of the Issuer, not falling in the circumstance stipulated by Opinions No. 3 where the application for public offering can only be made after operating for a full accounting year after restructuring; the time of completing this asset restructuring and comparison of relevant financial indexes comply with relevant laws and statutes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q2. Independence</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions: 1) Before business restructuring, the Issuer is a wholly-owned subsidiary of AXT and AXT serves as the main body of overseas sales according to the decision at the group level; AXT is the largest customer of the Issuer, with sales accounting for about 50% in the last three years. 2) Since</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">22</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">March 2021, the Issuer sells products to overseas customers through AXT-Tongmei, and AXT will not sell products to overseas customers after executing the sales contract signed before March 2021. 3) The products of compound semiconductor materials shall be certified by customers before being sold. The certification cycle will take three months to one year or more. AXT-Tongmei and AXT have completed business and customer handover. 4) By the end of June 2021, the Issuer has a total of 20 sales staff.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) During the reporting period, specific data about overseas sales achieved by AXT, including product categories, goods circulation modes, and capital circulation modes; the proportion of revenue from sales through AXT to revenue of similar products; the balance of inventory that AXT has not yet sold at the end of each reporting period and the post-period destocking status; (2) The specific time and reason for the Company&#8217;s sales to AXT from January to June 2021, the collection of accounts receivable from AXT at the end of the reporting period, and the transactions with AXT after the reporting period; (3) The specific process and implementation method of business and customer handover, showing the status of certification by the end customers of the Company&#8217;s products sold through AXT and the basis for completing the handover in tabular form; the impact on the Company&#8217;s production and operation of some customers who have not certified the products or have not been handed over up to now and the solutions; is there any case or risk of failure of certification and loss of customers due to customer handover and change of sales model; (4) The Company&#8217;s current customer acquisition modes, the reasons for the small number of sales staff, the acquisition of new customers and realization of sales revenue after restructuring, and the role of AXT in the Issuer&#8217;s process of obtaining customers and orders; (5) Transactions between AXT and other customers of the Company, and reasons and rationality of transaction.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">23</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) During the reporting period, specific data about overseas sales achieved by AXT, including product categories, goods circulation modes, and capital circulation modes; the proportion of revenue from sales through AXT to revenue of similar products; the balance of inventory that AXT has not yet sold at the end of each reporting period and the post-period destocking status;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Company&#8217;s products sold overseas through AXT were mainly InP, GaAs, and Germanium substrates. When the Company receives the purchase order from AXT and transports products to the place of delivery agreed in the order, the risk premium/control right of the products is transferred to AXT. The Company has the right to collect payment immediately for the products to acquire revenue from the product sales. AXT makes payment to the Company according to the account period as agreed with the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the proportion of revenue from sales through AXT to revenue of similar products is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Product Category</b></p></td><td colspan="2" style="vertical-align:middle;width:28.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:29.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;width:29.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:14.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Revenue from</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Sales</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Through AXT</b></p></td><td style="vertical-align:middle;width:14.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">to Revenue</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">of Similar </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Products</b></p></td><td style="vertical-align:middle;width:15.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Revenue from</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Sales Through</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">AXT</b></p></td><td style="vertical-align:middle;width:14.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">to Revenue</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">of Similar</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Products</b></p></td><td style="vertical-align:middle;width:14.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Revenue from</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Sales Through</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">AXT</b></p></td><td style="vertical-align:middle;width:14.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">to Revenue</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">of Similar</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Products</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">GaAs substrate</font></p></td><td style="vertical-align:middle;width:14.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">3,512.56</font></p></td><td style="vertical-align:middle;width:14.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">13.75%</font></p></td><td style="vertical-align:middle;width:15.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">17,600.50</font></p></td><td style="vertical-align:middle;width:14.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">74.78%</font></p></td><td style="vertical-align:middle;width:14.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">14,000.65</font></p></td><td style="vertical-align:middle;width:14.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">77.83%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">InP substrate</font></p></td><td style="vertical-align:middle;width:14.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">1,960.76</font></p></td><td style="vertical-align:middle;width:14.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">6.96%</font></p></td><td style="vertical-align:middle;width:15.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">7,166.79</font></p></td><td style="vertical-align:middle;width:14.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">56.19%</font></p></td><td style="vertical-align:middle;width:14.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">4,815.89</font></p></td><td style="vertical-align:middle;width:14.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">43.90%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Germanium substrate</font></p></td><td style="vertical-align:middle;width:14.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">500.79</font></p></td><td style="vertical-align:middle;width:14.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">5.60%</font></p></td><td style="vertical-align:middle;width:15.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">3,389.34</font></p></td><td style="vertical-align:middle;width:14.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">42.07%</font></p></td><td style="vertical-align:middle;width:14.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">3,320.21</font></p></td><td style="vertical-align:middle;width:14.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">48.74%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Others</font></p></td><td style="vertical-align:middle;width:14.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">5.59</font></p></td><td style="vertical-align:middle;width:14.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">0.02%</font></p></td><td style="vertical-align:middle;width:15.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">39.88</font></p></td><td style="vertical-align:middle;width:14.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">0.29%</font></p></td><td style="vertical-align:middle;width:14.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">8.23</font></p></td><td style="vertical-align:middle;width:14.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">0.08%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.18%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:14.26%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">5,979.70</b></p></td><td style="vertical-align:middle;width:14.07%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:15.16%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">28,196.51</b></p></td><td style="vertical-align:middle;width:14.07%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:14.33%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">22,144.98</b></p></td><td style="vertical-align:middle;width:14.9%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of February 28, 2022, the balance of inventory sold by the Company through AXT and the post-period destocking thereof at the end of each reporting period are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">24</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:33.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:22.1%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:22.34%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:22.1%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.45%;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:22.1%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of 2021</b></p></td><td style="vertical-align:middle;width:22.34%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of 2020</b></p></td><td style="vertical-align:middle;width:22.1%;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.45%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Ending balance of inventory</font></p></td><td style="vertical-align:middle;width:22.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12.01</font></p></td><td style="vertical-align:middle;width:22.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,292.83</font></p></td><td style="vertical-align:middle;width:22.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,054.15</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.45%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Post-period destocking amount</font></p></td><td style="vertical-align:middle;width:22.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:22.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,280.82</font></p></td><td style="vertical-align:middle;width:22.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,054.15</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.45%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Post-period destocking ratio</font></p></td><td style="vertical-align:middle;width:22.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:22.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">99.07%</font></p></td><td style="vertical-align:middle;width:22.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">100.00%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of February 28, 2022, the inventory sold by the Company through AXT had a small balance, without realization of further sales, of RMB120,100, which was due to the fact that after products were sold to AXT in 2020, the demand parameters of downstream customers for products were changed, and AXT had not yet sold externally.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The specific time and reason for the Company&#8217;s sales to AXT from January to June 2021, the collection of accounts receivable from AXT at the end of the reporting period, and the transactions with AXT after the reporting period;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In March 2021, the Company successfully integrated its overseas sales business, selling products to overseas customers through AXT-Tongmei, whereupon AXT no longer engaged in the sales business after fully performing its orders on hand. Accordingly, the Company&#8217;s sales to AXT during the period from January to June 2021 can be divided into two stages which are normal sales stage and inventory order destocking stage, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:34.11%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Period</b></p></td><td style="vertical-align:middle;width:33.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Stage</b></p></td><td style="vertical-align:middle;width:15.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:16.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:34.11%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">January to February 2021</font></p></td><td style="vertical-align:middle;width:33.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Normal sales stage</font></p></td><td style="vertical-align:middle;width:15.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,844.90</font></p></td><td style="vertical-align:middle;width:16.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">64.30%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:34.11%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">March to June 2021</font></p></td><td style="vertical-align:middle;width:33.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Inventory order destocking stage</font></p></td><td style="vertical-align:middle;width:15.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,134.80</font></p></td><td style="vertical-align:middle;width:16.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">35.70%</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:67.83%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:15.66%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">5,979.70</b></p></td><td style="vertical-align:middle;width:16.49%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company has not sold any product to AXT since July 1, 2021. As of December 31, 2021, the balance of the Company&#8217;s accounts receivable to AXT was 0.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The specific process and implementation method of business and customer handover, showing the status of certification by the end customers of the Company&#8217;s products sold through AXT and the basis for completing the handover in tabular form; the impact on the Company&#8217;s production and operation of some customers who have not certified the products or have not been handed over up to now and the solutions; is there any case or risk of failure of certification and loss</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">25</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">of customers due to customer handover and change of sales model;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Specific process and implementation method of business and customer handover</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The specific procedure and realization method of the Company&#8217;s business and customer handover are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Since March 2021, salesmen of AXT sent letters signed by CEO to customers, and the main contents of the letters are: AXT changes its sales entity into AXT-Tongmei, and notifies customers of the tax number and fund collection account of AXT-Tongmei; the production line, supply method and contractual terms related to production and sale are not changed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) After receiving letters, customers implemented their internal procedure; since this business handover only involves the change of sales entity of the Company, and other cooperation methods do not change, not affecting product quality, performance or delivery, and customers are not required to conduct product certification again. After quickly completing changes to registered suppliers and payees, some customers will reply the Company by mail, and most customers will reply by telephone, and directly sign contracts/orders with AXT-Tongmei when issuing new orders in future.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Former salesmen of AXT rescinded employment contracts with AXT, and concluded employment contracts with AXT-Tongmei; at the same time, AXT leased its offices to AXT-Tongmei; after completing internal procedure of AXT, relevant sales data and customer information were transferred to AXT-Tongmei. Therefore, the sales persons and sales teams dealing with overseas customers did not change and subsequent services and relationship with customers will not be affected.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After business and customer handover, AXT would not receive any new orders after completing orders which had been received by it. Since July 2021, the Company no longer sold products to AXT. The overall handover effect of the Company is satisfied. In 2021, the semi-conductor substrate materials of the Company realized the incomes of RMB626,751,800, an increase of 41.33% over previous year; main customers purchased more products, without any interruption of cooperation with customers due to handover of business and sales entity of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Status of certification by the end customers of the Company&#8217;s products sold through AXT and the basis for completing the handover</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the industry practice of semiconductor substrates, the downstream customers mainly implement product certification according to the production line of the supplier. Product certification is required for comparable companies in the same industry, such as National Silicon Industry (688126.SH) and SICC (688234.SH), to be recognized by customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the procedure of certification, the Company and customers communicate mainly in respect of product parameters, including but not limited to dislocation density,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">26</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">resistivity uniformity, thickness fluctuation value, warpage and surface particle size, and confirm relevant test equipment and test standard. After its product performance indexes comply with requirements of customers, the Company will supply small number of products to customers, and customers will validate to its downstream customers whether or not the epitaxy and chip grown on the basis of substrate can meet performance requirements of final products; after satisfying performance requirements of final products, the Company&#8217;s customers complete internal certification; if customers do not change product performance, process and production procedure, such product certification is valid for a long term. During certification, both parties will continue to exchange technologies; after passing certification, customers will place orders, and will regularly (one year or several years) or irregularly visit production lines of the Company to confirm that no material changes happen on the standards of production line such as equipment and process. If material changes happen on equipment, production site and process of the Company, product certification is required again.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Since this handover only results in the change of selling entity (namely the entity signing the contract and receiving the payment) without changing the production line, relevant customers have no need to conduct product certifications again.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At present, AXT has completed customer handover with AXT-Tongmei, and the completion of handover of end customers which account for more than 90% of sales amount sold by the Company to AXT in 2021 is as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.59%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:33.48%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:21.7%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:20.12%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:20.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Name of Major Customer</b></p></td><td style="vertical-align:top;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Time of completing</b><b style="color:#333333;font-weight:bold;"><br></b><b style="color:#333333;font-weight:bold;">handover</b></p></td><td style="vertical-align:top;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Symbol of </b><b style="color:#333333;font-weight:bold;"><br></b><b style="color:#333333;font-weight:bold;">completing handover</b></p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Current transaction</b><b style="color:#333333;font-weight:bold;"><br></b><b style="color:#333333;font-weight:bold;">with AXT-Tongmei</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">1</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Osram</p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">March 22, 2021</p></td><td style="vertical-align:middle;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">2</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Mo Sangyo Co, Ltd.</p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">March 8, 2021</p></td><td style="vertical-align:middle;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">3</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">IQE</p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">March 16, 2021</p></td><td style="vertical-align:middle;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">4</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Win Semiconductors</p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">May 17, 2021</p></td><td style="vertical-align:middle;width:20.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">27</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.59%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:21.7%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:20.12%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:20.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">5</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">VISHAY SEMICONDUCTOR GmbH </p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">March 10, 2021</p></td><td style="vertical-align:top;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">6</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Customer C</p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">March 15, 2021</p></td><td style="vertical-align:top;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">7</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Landmark Optoelectronics</p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">March 10, 2021</p></td><td style="vertical-align:top;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">8</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Visual Photonics Epitaxy</p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">March 12, 2021</p></td><td style="vertical-align:top;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Confirm by reply to email + Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">9</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">AVAGO TECHNOLOGIES INT&#8217;L SALES</p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">April 21, 2021</p></td><td style="vertical-align:top;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">10</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Azur Space</p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">March 15, 2021</p></td><td style="vertical-align:top;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">11</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">INTELLIGENT EPITAXY TECHNOLOGY</p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">June 2, 2021</p></td><td style="vertical-align:top;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">12</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">II-VI</p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">June 2, 2021</p></td><td style="vertical-align:top;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">13</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">KAGA TOSHIBA ELECTRONICS CO. LTD.</p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">April 7, 2021</p></td><td style="vertical-align:top;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">14</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">AUK CORPORATION </p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">March 15, 2021</p></td><td style="vertical-align:top;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.59%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="color:#333333;">15</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.48%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">WAFER TECHNOLOGY </p></td><td style="vertical-align:middle;width:21.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">March 9, 2021</p></td><td style="vertical-align:top;width:20.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Signing new order with AXT-Tongmei</p></td><td style="vertical-align:top;width:20.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Still placing orders</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition to aforesaid end customers, other key customers have completed handover. Refer to &#8220;I. (III). 1. The specific process and implementation method of business and customer handover&#8221; of this Question. Except for change of selling entity, this handover does not change the production line, supply method and contractual terms of the Company, and customers have no need to carry out product certification again. The overall handover effect of the Company is satisfied. In 2021, the semi-conductor</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">28</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">substrate materials of the Company realized the incomes of RMB626,751,800, an increase of 41.33% over previous year; main customers purchased more products, without any interruption of cooperation with customers due to handover of business and sales entity of the Company. In future, the Company will carry out marketing and maintenance at overseas markets through AXT-Tongmei, and ATX will no longer assume specific function of operation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the sales business restructuring only involves the internal business and structural adjustment of AXT Group, and does not change any production line. The original AXT customers do not need to re-certify the Company&#8217;s products. All customers concerned have been successfully handed over to AXT-Tongmei. The Company does not encounter any loss of customers due to customer handover and change of sales model. After handover, AXT-Tongmei maintains good cooperation relationship with overseas customers; the purchase amount and orders of the customers increased. The Issuer has smoothly undertaken relevant overseas customers of AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The Company&#8217;s current customer acquisition modes, the reasons for the small number of sales staff, the acquisition of new customers and realization of sales revenue after restructuring, and the role of AXT in the Issuer&#8217;s process of obtaining customers and orders;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The Company&#8217;s current customer acquisition modes and the reasons for the small number of sales staff</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Current method of winning customers by the Company</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Based on direct marketing, the Company obtains orders mainly through negotiating with potential customers and entrusting agents to promote. In terms of marketing, salespersons of the Company maintain long-term communication with downstream epitaxy manufacturers, OEMs, chip and apparatus manufacturers mainly through relying on historical customer resources, participation in exhibitions and industry conferences, orders actively placed by customers, and visiting potential customers, so as to know the demand dynamics of downstream customers, market supply &amp; demand and work related to preparing sales plan. This is in line with industry practice. In terms of customer maintenance, since quality of products is stable, the demand for after-sale services of company products is small, and the salespersons of the Company are mainly responsible for communicating requirements of current customers and product performance.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Main customers of the Company are famous manufacturers in the world; during reporting period, the amount of products purchased by main customers from the Company increases constantly, and orders are sufficient to maintain full production capacity of the Company; currently, the Company sells its products overseas mainly via</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">29</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT-Tongmei, and sells in China mainly through Beijing Tongmei; the main duties of salespersons are serving current customers, supplemented by exploring new customers. The revenues of the Company contributed by main customers increase year by year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Reasons for small number of sales staff</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The number of sales staff of the Company is relatively small mainly because:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) The industry to which the Company belongs has no high demand for number of salespersons. The customers in the compound semiconductor substrates industry are mostly downstream epitaxy manufacturers, OEMs, and chip and device manufacturers, and downstream industries are relatively concentrated, so customers are also relatively concentrated.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) The Company has been dealing in III-V compound semiconductors for many years, with high reputation and popularity in the market and among main epitaxy manufacturers, OEMs, and chip and device manufacturers in China and other countries, so many customers express their intentions of cooperating with the Company through email and telephone.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) The Company has established good cooperation with main downstream customers. The products of the Company have high technical barrier and threshold, and the Company owns core patented technologies of producing III-V compound semiconductor substrate materials. The Company&#8217;s customers are mainly global well-known enterprises with years of cooperation with the Company. Under strict requirements for their suppliers, with each supplier including the Company into its list of qualified suppliers generally having been subject to its certification, the customers will not easily change their suppliers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:22.4pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Therefore, small number of sales staff of the Company will not have adverse effect on business development and sustainable operation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:22.4pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In future, the Company will continue to maintain good relationship with customers through in-depth analysis of customers&#8217; demands and technical R&amp;D; it is expected that customers will continue to purchase from the Company; the sales staff of the Company meet the requirements of business development, and it is expected that the Company will not greatly increase its number of sales staff.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:22.4pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Comparison with comparable companies</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The semiconductor substrate field requires sales staff to meet high professional background and experience requirements. The sales staff needs to be familiar with the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">30</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">indicators of the Company&#8217;s products such as key performances and parameters, understands the in-depth needs of downstream customers, and makes timely communications in response to production issues on the part of downstream customers. In view of the professional characteristics of the semiconductor substrate industry in which the Company is located and the Company&#8217;s industry position, the Company has fewer sales staff, but the sales team has rich industry experience and the ability to independently develop and serve customers and connect with the end customers - downstream manufacturers. A comparison of the proportion of sales staff between the Company and comparable peers in the same industry at the end of each reporting period is as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.11%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Company Name</b></p></td><td style="vertical-align:middle;width:25.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">End of 2021</b></p></td><td style="vertical-align:middle;width:25.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">End of 2020</b></p></td><td style="vertical-align:middle;width:25.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">End of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.11%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">NSIG</font></p></td><td style="vertical-align:middle;width:25.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:25.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4.11%</font></p></td><td style="vertical-align:middle;width:25.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4.73%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.11%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">SICC</font></p></td><td style="vertical-align:middle;width:25.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.81%</font></p></td><td style="vertical-align:middle;width:25.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.33%</font></p></td><td style="vertical-align:middle;width:25.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.11%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:25.3%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.50%</font></p></td><td style="vertical-align:middle;width:25.3%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.33%</font></p></td><td style="vertical-align:middle;width:25.28%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.04%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: The data of comparable companies are sourced from the annual reports and prospectuses of NSIG and SICC.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The above table indicates that the proportion of sales staff of the Company is relatively low compared to that of comparable peers, which is basically in line with that of SICC. The Company possesses more than 20 years of business and sales history, enjoys high reputation and customer recognition in the industry, and has established good cooperative relations with major downstream customers, requiring less sales staff.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Acquisition of new customers and realization of sales revenue after restructuring</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company mainly develops new customers by participating in exhibitions and industry conferences, recommendation by customers, visiting potential customers, and other ways. Some customers also will actively place purchase orders with the Company owing to its prominent position in the industry. After the restructuring, the Company has won 23 new customers, including customers involving large amounts as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">In RMB</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.58%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:23.36%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Customer Name</b></p></td><td style="vertical-align:middle;width:19.48%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sales Content</b></p></td><td style="vertical-align:middle;width:11.78%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Country</b></p></td><td style="vertical-align:middle;width:18.35%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Start Date of Cooperation</b></p></td><td style="vertical-align:middle;width:17.43%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Operation Revenue in 2021</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">31</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:9.57%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:23.36%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.48%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.77%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.36%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.44%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:23.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Xiamen AiErFa Technology Co., Ltd.</font></p></td><td style="vertical-align:middle;width:19.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">GaAs substrate</font></p></td><td style="vertical-align:middle;width:11.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">China</font></p></td><td style="vertical-align:middle;width:18.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2021/6/17</font></p></td><td style="vertical-align:middle;width:17.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">472,530.98</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:23.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AREA51-ESG, INC.</font></p></td><td style="vertical-align:middle;width:19.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">GaAs substrate</font></p></td><td style="vertical-align:middle;width:11.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">United States</font></p></td><td style="vertical-align:middle;width:18.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2021/4/19</font></p></td><td style="vertical-align:middle;width:17.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">431,828.40</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:23.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">ZHEJIANG LAB</font></p></td><td style="vertical-align:middle;width:19.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">GaAs and Germanium substrates</font></p></td><td style="vertical-align:middle;width:11.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">China</font></p></td><td style="vertical-align:middle;width:18.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2021/6/22</font></p></td><td style="vertical-align:middle;width:17.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">126,265.49</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:23.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Wuxi Zhongkedexin Perception Technology Co., Ltd.</font></p></td><td style="vertical-align:middle;width:19.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP and GaAs substrates</font></p></td><td style="vertical-align:middle;width:11.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">China</font></p></td><td style="vertical-align:middle;width:18.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2021/11/14</font></p></td><td style="vertical-align:middle;width:17.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">115,044.25</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:23.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Others</font></p></td><td style="vertical-align:middle;width:19.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP and GaAs substrates</font></p></td><td style="vertical-align:middle;width:11.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:18.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:17.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">641,026.85</font></p></td></tr><tr style="height:19.85pt;"><td colspan="5" style="vertical-align:middle;width:82.55%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:17.44%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,786,695.97</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. Role of AXT in the Issuer&#8217;s process of obtaining customers and orders</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Before March 2021, the Company&#8217;s semiconductor substrates were sold overseas mainly through AXT. In March 2021, the Company successfully integrated the overseas sales business, and AXT-Tongmei took over the existing customers of AXT. Based on the business adjustment within the group, AXT stopped selling the Company&#8217;s products after executing the sales contract signed before March 2021. After March 2021, AXT&#8217;s sales staff has become the employees of the Company. At present, the Company has an independent and complete sales team, carrying out business independently.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For one thing, the above-mentioned customers have cooperated with the Company for many years in view of its good product quality and service. For another, the business and customer handover only involves the change of seller entity within the AXT Group and will not affect the final product delivery. So the handover was completed quickly and the sales revenue from major customers grew rapidly after handover.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, based on the historical development of AXT and the unified arrangement within the group, AXT assumed the overseas sales function of semiconductor substrates before integration. After integration is completed, this function is performed by AXT-Tongmei and AXT no longer plays any role in the Issuer&#8217;s sales system. The Issuer can independently win customers and orders.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(V) Transactions between AXT and other customers of the Company, and</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">32</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">reasons and rationality of transaction.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In December 2020, the Company completed the acquisition of Beijing Boyu and other entities. Before March 2021, AXT serves as the entity of overseas sales according to the decision at the group level to sell semiconductor substrates to overseas customers, and there was no overlap with other semiconductor material customers of the Issuer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Nevertheless, AXT has transactions with some overseas customers of Beijing Boyu, a subsidiary of the Company, mainly because these overseas customers purchased PBN crucibles and PBN plates from Beijing Boyu while purchasing semiconductor substrates from AXT, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Period</b></p></td><td rowspan="2" style="vertical-align:middle;width:24.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Customer Name</b></p></td><td colspan="2" style="vertical-align:middle;width:27.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">AXT</b></p></td><td colspan="2" style="vertical-align:middle;width:35.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Beijing Boyu</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:24.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:17.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Products Sold</b></p></td><td style="vertical-align:middle;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:25.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Products Sold</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January to February 2021</font></p></td><td style="vertical-align:middle;width:24.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Veeco Instruments Inc.</font></p></td><td style="vertical-align:middle;width:9.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">49.06</font></p></td><td style="vertical-align:middle;width:17.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP substrate</font></p></td><td style="vertical-align:middle;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">50.68</font></p></td><td style="vertical-align:middle;width:25.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible, PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2020</font></p></td><td style="vertical-align:middle;width:24.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Sumitomo</font></p></td><td style="vertical-align:middle;width:9.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">882.27</font></p></td><td style="vertical-align:middle;width:17.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">GaAs substrate</font></p></td><td style="vertical-align:middle;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,233.81</font></p></td><td style="vertical-align:middle;width:25.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible, PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:24.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Veeco Instruments Inc.</font></p></td><td style="vertical-align:middle;width:9.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">111.46</font></p></td><td style="vertical-align:middle;width:17.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, GaAs, and Germanium substrates</font></p></td><td style="vertical-align:middle;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">188.70</font></p></td><td style="vertical-align:middle;width:25.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible, PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:11.9%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><font style="font-size:10.5pt;">2019</font></p></td><td style="vertical-align:middle;width:24.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Sumitomo</font></p></td><td style="vertical-align:middle;width:9.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">849.05</font></p></td><td style="vertical-align:middle;width:17.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">GaAs substrate</font></p></td><td style="vertical-align:middle;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,304.47</font></p></td><td style="vertical-align:middle;width:25.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible, PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.9%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:24.92%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Veeco Instruments Inc.</font></p></td><td style="vertical-align:middle;width:9.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">99.46</font></p></td><td style="vertical-align:middle;width:17.71%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP and GaAs substrates</font></p></td><td style="vertical-align:middle;width:10.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">171.91</font></p></td><td style="vertical-align:middle;width:25.21%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible, PBN plate</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: The above table presents the overlap in customers with incomes &gt; RMB200,000 between Beijing Boyu and AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Sumitomo is one of the world&#8217;s leading communications and industrial manufacturers, and one of the Company&#8217;s competitors. Sumitomo is widely engaged in the production and operation in industries including information communication,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">33</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">automobile manufacturing, electronic equipment, energy and environment, and industrial equipment and materials, with more than 200 subsidiaries worldwide. Before March 2021, it purchased semiconductor substrates from AXT through its subsidiary Sumika Electronic Materials, Inc, and purchased PBN crucibles and PBN plates from the Company through another subsidiary SUMIDEN SHOJI CO., LTD.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Veeco Instruments Inc. (NASDAQ: VECO) is the world&#8217;s leading manufacturer of precision measuring instruments and process equipment. Before March 2021, Veeco Instruments Inc. purchased semiconductor substrates from AXT, and also purchased PBN crucibles and PBN plates from the Company through its subsidiary VEECO PROCESS EQUIPMENT INC.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, before March 2021, AXT has transactions with some overseas customers of the Company, mainly because these overseas customers purchased PBN crucibles and PBN plates from Beijing Boyu while purchasing semiconductor substrates from AXT. The above situation arises from customers&#8217; business requirements and was reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions: 1) During the reporting period, the Issuer purchased high-purity arsenic, indium phosphide polycrystalline, and other raw materials from AXT and its shareholding companies including Jiamei Hi-purity, Dongfang Hi-purity, Tongli Germanium, and Beijing Jiya, and the purchase costs accounted for 24.19%, 8.55%, 14.22%, and 21.81% of the current cost respectively. 2) The Issuer purchased professional equipment for compound semiconductor substrate production from AXT.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) The main raw material categories required by the Company&#8217;s production and operation and main suppliers, and the proportions of raw materials from related party and non-related party; (2) The final purchasing source of raw materials supplied by AXT, the goods flow and</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">34</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">capital flow of raw materials purchased by the Company, the process and effect of the above-mentioned suppliers switching to supply directly to the Company after the purchasing entity is adjusted, and whether there are any cases or risks that the Company cannot continuously and stably purchase raw materials from the original suppliers of AXT (if any, state the impact on the Company&#8217;s operation); (3) The source and purchasing mode of the Company&#8217;s production equipment, and the reason and rationality of purchasing production equipment through AXT during the reporting period.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The main raw material categories required by the Company&#8217;s production and operation and main suppliers, and the proportions of raw materials from related party and non-related party;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The main raw material categories required by the Company&#8217;s production and operation and main suppliers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The raw materials required by the Company&#8217;s production mainly include high-purity arsenic, Gallium, indium phosphide polycrystalline, Germanium ingot, boron trichloride, quartz materials, and so on. The suppliers of main raw materials needed for the Company&#8217;s production and operation generally remain stable. For the main suppliers of the Company&#8217;s main raw materials during the reporting period, please refer to Item (1) &#8220;the purchase of main raw materials during the reporting period, including the names of major suppliers, main business, business scale, procurement amount, history of cooperation, etc.;&#8221; in Q9.2.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">With a global procurement system, the Company formulated standardized procurement regulations, implemented standardized procurement control procedures, and established long-term mutually beneficial and win-win cooperation with suppliers, thus ensuring stable raw material supply.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Proportions of main raw materials required by the Company&#8217;s production and operation from related party and non-related party</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">35</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In order to avoid supply interruption and shortage thereby ensuring the stability of the Company&#8217;s raw materials procurement, the Company and its controlling shareholder AXT improve the cooperation with key raw material suppliers in China through investing in them.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company purchased high-purity arsenic, Germanium ingot, and other main raw materials through its controlling shareholder - AXT before March 2021, and purchased Gallium from its shareholding company - Xing&#8217;an Gallium and AXT&#8217;s shareholding company - Beijing Jiya, high-purity arsenic from AXT&#8217;s shareholding companies - Dongfang Hi-purity and Jiamei Hi-purity, and Germanium ingot from AXT&#8217;s shareholding company - Tongli Germanium during the reporting period. During the reporting period, the proportions of main raw materials required by the Company&#8217;s production and operation from related party and non-related party are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 12pt 20pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Supplier</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:19.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:19.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:18.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Gallium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Non-related party</font></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">8,190.77</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">53.71%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">3,274.44</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">51.57%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">367.39</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">37.59%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Related party</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">7,059.32</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">46.29%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">3,075.53</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">48.43%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">609.98</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">62.41%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">15,250.09</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">6,349.97</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">977.37</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Germanium ingot</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Non-related party</font></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">4,149.61</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">89.84%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">3,989.59</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">86.38%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">1,943.00</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">67.48%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Related party</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">469.50</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">10.16%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">628.89</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">13.62%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">936.19</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">32.52%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">4,619.11</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">4,618.48</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">2,879.19</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Quartz material</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Non-related party</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">3,849.18</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">100.00%</font></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">2,965.95</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">100.00%</font></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">1,574.30</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">100.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Related party</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">3,849.18</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">2,965.95</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,574.30</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">High-purity arsenic</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Non-related party</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">1,112.49</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">66.41%</font></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Related party</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">562.68</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">33.59%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">1,214.61</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">100.00%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">991.72</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">100.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,675.17</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,214.61</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">991.72</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:27.4%;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Boron trichloride</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Non-related party</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">1,009.54</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">100.00%</font></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">915.83</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">100.00%</font></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">1,042.18</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">100.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Related party</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">36</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,009.54</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">915.83</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,042.18</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Indium phosphide polycrystalline</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Non-related party</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">1,230.59</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">100.00%</font></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">693.76</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">100.00%</font></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">1,485.51</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">100.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Related party</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,230.59</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">693.76</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,485.51</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Main raw materials</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Non-related party</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">19,542.18</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">70.72%</font></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">11,839.57</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">70.65%</font></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">6,412.38</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">71.64%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Related party</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">8,091.51</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">29.28%</font></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">4,919.03</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">29.35%</font></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">2,537.90</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">28.36%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.4%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">27,633.69</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">16,758.61</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.86%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">8,950.28</b></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In general, the proportion of main raw materials required for the Company&#8217;s production and operation from related party is relatively low. In 2019 and 2020, the reason why the proportion of high-purity arsenic purchased by the Company from related party was high was that the suppliers of high-purity arsenic were Dongfang Hi-purity and YONEDA CORPORATION, where the purchase from YONEDA CORPORATION was completed through AXT. As the production qualification of Dongfang Hi-purity has expired and the new certificate is being handled, the Company has stopped purchasing products from Dongfang Hi-purity since June 2021, and purchased raw materials overseas through AXT-Tongmei since March 2021. So the proportion of high-purity arsenic purchased from related party dropped significantly in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The final purchasing source of raw materials supplied by AXT, the goods flow and capital flow of raw materials purchased by the Company, the process and effect of the above-mentioned suppliers switching to supply directly to the Company after the purchasing entity is adjusted, and whether there are any cases or risks that the Company cannot continuously and stably purchase raw materials from the original suppliers of AXT (if any, state the impact on the Company&#8217;s operation);</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The final purchasing source of raw materials supplied by AXT, and the goods flow and capital flow of raw materials purchased by the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the final purchasing source of raw materials supplied by AXT is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">37</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 12pt 20pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:19.85pt;"><td colspan="4" style="vertical-align:middle;width:100%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Supplier Name</b></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Raw Material</b></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Overview of Supplier</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">TOKO SHOJI &amp; CO., LTD</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">114.46</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Founded in Japan in 1942, mainly engaged in trade in textiles</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">ENTEGRIS, Inc.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Packaging materials, other materials, and cleaning consumables</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">112.18</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">A NASDAQ listed company (ENTG), founded in the United States in 1966, mainly engaged in manufacturing semiconductor and computer disk drive materials</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">YONEDA CORPORATION</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">High-purity arsenic</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">97.03</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Founded in Japan in 1941, mainly engaged in fire-fighting equipment manufacturing</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">CONAX TECHNOLOGIES LLC</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">82.83</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Founded in the United States in 1953, mainly engaged in the customization of temperature sensors and compression sealing accessories</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">FUJIMI</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">59.93</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">A company listed on the Tokyo Stock Exchange (5384.T), founded in Japan in 1953, mainly engaged in manufacturing semiconductor abrasives and devices</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">KNF CLEAN ROOM PRODUCTS</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Packaging materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">52.14</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Founded in the United States in 1999, mainly engaged in manufacturing containers and packaging materials</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">THERMAL CERAMICS</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">25.03</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Founded in the United States in 1920, mainly engaged in manufacturing ceramic products</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">SAINT-GOBAIN ADVANCED CERAMICS</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Crucible materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">24.89</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Founded in the United States in 1995, mainly engaged in manufacturing basic chemicals</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">H-SQUARE CORPORATION</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">14.24</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Semiconductor equipment supplier founded in the United States in 1975</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">38</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:27.46%;margin:0pt;padding:0.5pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.89%;margin:0pt;padding:0.5pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.79%;margin:0pt;padding:0.5pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:44.84%;margin:0pt;padding:0.5pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">COORSTEK, INC.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">13.62</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Founded in the United States in 1999, mainly engaged in manufacturing engineering ceramics</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">THERMO FISHER SCIENTIFIC</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">13.23</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">A company listed on the New York Stock Exchange (TMO), founded in the United States in 1956, mainly engaged in manufacturing scientific instruments and laboratory equipment, diagnostic consumables, and life science reagents</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">DS FIBERTECH CORPORATION</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">11.28</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Founded in the United States in 1993, mainly engaged in manufacturing semiconductors, solar energy, fuel cells and laboratory heating elements</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">WALE APPARATUS CO.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">11.17</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Founded in the United States in 1970, mainly engaged in the production and sales of glass equipment</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">GALLADE CHEMICAL, INC</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">11.13</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Founded in the United States in 1964, mainly engaged in the distribution of chemical products</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">ADVANCED CARBON PRODUCTS</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">10.95</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Founded in the United States in 2015, mainly engaged in asphalt manufacturing, with products covering asphalt with higher aromatic content, isotropic asphalt, mesophase asphalt, and special foam</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Others</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">125.44</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;font-weight:bold;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">779.53</b></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td colspan="4" style="vertical-align:middle;width:100%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Supplier Name</b></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Raw Material</b></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Overview of Supplier</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Osram</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Germanium ingot</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">628.89</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Founded in Germany in 1998, mainly engaged in manufacturing electronic components</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">YONEDA CORPORATION</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">High-purity arsenic</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">308.07</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">39</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:27.46%;margin:0pt;padding:0.5pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.89%;margin:0pt;padding:0.5pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.79%;margin:0pt;padding:0.5pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:44.84%;margin:0pt;padding:0.5pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">THERMAL CERAMICS</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">291.59</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">BASF CATALYSTS LLC</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Cutting, grinding, and polishing materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">188.54</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A supplier of environmental and process catalysts, founded in Germany in 1908</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">GALLADE CHEMICAL, INC</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">138.24</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">FUJIMI</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">91.49</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">COORSTEK, INC.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">80.68</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">ENTEGRIS, Inc.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Packaging materials, cleaning consumables, and other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">80.14</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">SAINT-GOBAIN ADVANCED CERAMICS</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">63.13</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">DS FIBERTECH CORPORATION</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">42.11</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">KNF CLEAN ROOM PRODUCTS </font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Packaging materials and other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">40.15</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">CONAX TECHNOLOGIES LLC</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">25.94</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">WALE APPARATUS CO.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">22.78</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">APPLIED CHEMISTRY CO.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">20.89</font></p></td><td style="vertical-align:middle;width:44.84%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Founded in Vietnam in 1993, mainly engaged in research and development of water treatment chemicals</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">40</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">ACCRETECH American Inc.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Cutting, grinding and polishing materials and other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">19.88</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A wholesaler of household appliances and electronic products, founded in the United States in 2012</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">LUMENTUM OPERATIONS LLC </font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">19.40</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A NASDAQ listed company (LITE), founded in the United States in 2015, mainly engaged in the production and sales of optical and electronic products including optical fiber components and diode lasers</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">SEMICONDUCTOR MATERIALS INC.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">16.45</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Founded in the United States in 1990, mainly engaged in the production and sales of semiconductors and other electronic components</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">ASTRO FLIGHT, INC.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">11.17</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A wholesaler of household appliances and electronic products, founded in the United States in 2010</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Others</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">89.23</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2,178.75</b></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td colspan="4" style="vertical-align:middle;width:100%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Supplier</b></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Raw Material</b></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Overview of Supplier</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">YONEDA CORPORATION</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">High-purity arsenic</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">201.75</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Osram</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Germanium ingot</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">171.62</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">ENTEGRIS, Inc. </font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Cutting, grinding and polishing materials, </font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">139.38</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">41</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">cleaning consumables, packaging materials, etc.</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">BASF CATALYSTS LLC</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Cutting, grinding, and polishing materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">87.84</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">FUJIMI</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">72.12</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">SAINT-GOBAIN ADVANCED CERAMICS</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">51.41</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">GALLADE CHEMICAL, INC</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">44.90</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">THERMAL CERAMICS</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">35.56</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">THERMO FISHER SCIENTIFIC</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">27.85</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">KNF CLEAN ROOM PRODUCTS </font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials and packaging materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">18.02</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">WALE APPARATUS CO.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">16.98</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">ADVANCED CARBON PRODUCTS</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">13.21</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">UNIVERSAL PHOTONICS, INC.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Cutting, grinding, and polishing materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">12.74</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Founded in the United States in 1926, mainly engaged in the production and sales of optical products, covering precision optics, plate glass, semiconductors, and electronic products</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">SEMICONDUCTOR MATERIALS INC.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">12.55</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">42</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">DS FIBERTECH CORPORATION</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">12.13</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">APPLIED CHEMISTRY CO.</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">10.85</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ditto</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">FISHER SCIENTIFIC COMPANY, LLC</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other materials</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">10.04</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A wholesaler of professional equipment and chemicals, founded in the United States in 2000</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Others</font></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">82.03</font></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.46%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:16.89%;border-bottom:1.5pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.79%;border-bottom:1.5pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,020.97</b></p></td><td style="vertical-align:middle;width:44.83%;border-bottom:1.5pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:11pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: Information of suppliers are sourced from public network through retrieval.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The goods flow and capital flow of raw materials purchased by the Company are detailed as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Goods flow</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After AXT places a purchase order to overseas suppliers, overseas suppliers provide raw materials as required by the order. If purchasing occurs in the United States, AXT will centrally purchase raw materials in the United States and then deliver them to the Company. If purchasing occurs in other countries or regions outside China and the United States, AXT will require the raw material supplier to deliver the goods directly to the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After the raw materials arrive at the customs, the Company entrusts the customs declaration agency to handle the customs declaration and import formalities. After customs declaration, the raw materials are transported to the Company&#8217;s warehouse and accepted, and then put into storage after successful acceptance. The Company makes the receiving list and sends it to AXT for verification.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Capital flow</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company settled with AXT according to the raw material requisition records and made payment by foreign exchange telegraphic transfer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Process and effect of the above-mentioned suppliers switching to supply directly to the Company after the purchasing entity is adjusted, whether there are any cases or risks that the Company cannot continuously and stably purchase raw materials from the original suppliers of AXT (if any, state the impact on the Company&#8217;s operation)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">43</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In March 2021, AXT-Tongmei and AXT completed the business handover. The overseas sales and procurement functions of AXT were transferred to AXT-Tongmei, and all related staff joined AXT-Tongmei. In view of the fact that the above-mentioned overseas suppliers have cooperated with AXT for a long time and the related staff of AXT has joined AXT-Tongmei, AXT-Tongmei can successfully re-sign purchase contracts or orders with those suppliers and release purchase requests. The purchase, customs declaration, and logistics transportation modes are the same as that adopted by AXT. The adjustment of purchasing entity has not increased the supply cost and difficulty of suppliers, so there is no loss of supplier.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the purchase contracts or orders signed by AXT-Tongmei and the supply of goods by overseas suppliers to AXT-Tongmei, the Company&#8217;s overseas purchase amount in 2021 was RMB65,699,500, representing an increase compared with that in 2020. Additionally, major overseas suppliers have remained relatively stable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The raw materials purchased by the Company from the original suppliers of AXT mainly include high-purity arsenic, Germanium ingots, cutting, grinding and polishing materials, cleaning consumables, and packaging materials, all of which can be stably supplied involving no monopoly. In addition, with the rapid development of compound semiconductor industry in China, the number of Chinese suppliers has greatly increased, and the quality of raw materials provided by them has basically met the Company&#8217;s requirements. For example, the Company increased the quantity of Germanium ingots purchased from companies including Hengyang Hengrong High Purity Semiconductor Material Co., Ltd. and Jiangsu Ningda Environmental Protection Co., Ltd., to ensure the production of Germanium substrates; Jiamei Hi-purity has resumed production and supplied high-purity arsenic to the Company; in addition, the Company is purchasing increasingly more cutting, grinding and polishing materials, cleaning consumables, and packaging materials from Chinese suppliers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In summary, the Company has established a relatively mature global procurement system, </font><font style="font-size:12pt;">which can ensure sustainable and stable overseas procurement.</font><font style="font-size:12pt;"> Meantime, the Company has reached more cooperation with Chinese suppliers, and further ensured stable raw material procurement, avoiding out-of-supply and shortage.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Moreover, the Company has given sufficient risk warnings on the dependence of some key raw material suppliers in &#8220;II. (II) Risk of reliance on the suppliers of certain critical raw materials and fluctuations in the raw material prices&#8221; in Section IV &#8220;Risk</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">44</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Factors&#8221; of the Prospectus.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Purchasing source and mode of the Company&#8217;s production equipment, and the reason and rationality of purchasing production equipment through AXT during the reporting period;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Purchasing source and mode of the Company&#8217;s production equipment</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">With a global procurement system, the Company formulated standardized procurement regulations, implemented standardized procurement control procedures, and established long-term mutually beneficial and win-win cooperation with suppliers, thus ensuring stable and timely supply.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer formulates the equipment procurement plan according to business requirements and annual plans, and selects suppliers through inquiry, bidding and tendering, competitive negotiation, and other ways. The Company mainly develops the annual equipment purchase plan based on whether the capacity of the project corresponding to the current equipment, the need for process optimization, and the capacity reserve for future development can meet the increasing order requirements. Equipment shall be uniformly purchased by the Engineering Technology Department, and the procurement project shall be established after internal approval by the Company. According to the project approval form and the final quotation of the supplier, the engineering technician generates an inquiry sheet and submits it to the Company for internal approval. After fulfilling the approval process, the engineering technician will create a purchase order or project contract that contains the supplier information and confirmed price, and distribute it to the corresponding suppliers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company&#8217;s production equipment is mainly purchased from Chinese equipment manufacturers and other suppliers outside China. Among the equipment to be purchased from abroad, those for routine production that are easily worn-out and need to be delivered by manufacturers in batches such as single crystal polishing machine, single crystal furnace, and vacuum furnace controller are usually purchased by the Company centrally through AXT who will deliver them to the former, and those to be delivered in a single batch are ordered directly by the Company from equipment manufacturers outside China for direct delivery to the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Reason and rationality of purchasing production equipment through AXT during the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Company purchased professional equipment for</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">45</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">the production of compound semiconductor substrates from AXT, amounting to RMB11,596,900, RMB6,025,400, and RMB5,760,500 respectively. The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 12pt 20pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Year</b></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Supplier Name</b></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Equipment Name</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2021</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">KANTHAL THERMAL PROCESS, INC.</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Single crystal furnace</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">300.61</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SV INSTRUMENTS, LLC</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Vacuum furnace controller</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">156.17</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">JOHANSING IRON WORKS, INC</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Single crystal furnace</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">119.28</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;white-space:normal;width:85.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">576.05</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="7" style="vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2020</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SPEEDFAM INCORPORATED</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Single crystal polishing machine</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 188.81 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">KANTHAL THERMAL PROCESS, INC.</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Single crystal furnace</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 183.31 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SV INSTRUMENTS, LLC</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Vacuum furnace controller</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 87.01 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">OEM GROUP EAST, LLC</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Dryer and rotor</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 74.61 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">COORSTEK, INC.</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Porcelain tube</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 35.40 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">THERMCRAFT INCORPORATED</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Single crystal furnace</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 33.40 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;white-space:normal;width:85.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;white-space:pre-wrap;"> 602.54 </b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2019</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">JOHANSING IRON WORKS, INC</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Single crystal furnace</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 716.72 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">KANTHAL THERMAL PROCESS, INC.</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Single crystal furnace and hearth</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">399.65 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">CRYSTACOMM</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Indium phosphide polycrystalline growth furnace</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 17.34 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">NOVASCAN TECHNOLOGIES, INC</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ultraviolet ozone cleaner and accessories, ozone eliminator</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 14.66 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">THERMCRAFT INCORPORATED</font></p></td><td style="vertical-align:middle;white-space:normal;width:42.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Single crystal furnace</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 11.32 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:4.47%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;white-space:normal;width:85.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.48%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,159.69 </b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company&#8217;s procurement of production equipment through AXT is determined</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">46</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">by AXT&#8217;s organizational structure and its long-term business development model. At the early development stage of the Company, the III-V compound semiconductor material industry has just started to develop in Chinese Mainland, and there were only a few qualified suppliers, especially the suppliers of key equipment. In this context, to facilitate procurement and ensure stable production, the Company centrally purchased the easily worn-out equipment for routine production such as single crystal polishing machine, single crystal furnace, and vacuum furnace controller through AXT. Considering the convenience of procurement, the Company continues to import such kind of equipment through AXT. In 2021, after AXT fulfilled the original equipment purchase orders, the Company purchased equipment directly or through AXT-Tongmei instead of AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The price of equipment purchased by the Company from AXT is based on that purchased by AXT from equipment suppliers, so there is no obvious unfairness in price in related transactions. It is reasonable for the Company to purchase production equipment through AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As the number of III-V compound semiconductor material equipment suppliers has greatly increased in Chinese Mainland, and the quality of equipment provided by them has basically met the Company&#8217;s requirements, the Company has imported increasingly less equipment from suppliers outside China. Equipment with high consumption frequency such as single crystal furnace will be produced by Beijing Boyu in the future. Other equipment that is purchased less frequently will be purchased directly by the Issuer or AXT-Tongmei and will not be purchased through AXT in the future.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">2.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">According to the submissions, 1) In November 2021, the Issuer signed a technology license agreement and a trademark license agreement with AXT, in which AXT granted its own intellectual property rights, authorized patents and pending patents to the Issuer and its controlled subsidiaries, and granted a trademark license to the Issuer and its subsidiaries; 2) The Issuer owns 42 domestic invention patents, four (4) of which are jointly owned by the Issuer and AXT. The jointly owned patents are of great importance to the production and</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">47</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">operation of the Issuer. No agreement or other arrangements between the Issuer and AXT have been signed in respect of the four (4) jointly owned patents, which the Issuer may use independently under the Patent Act.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) whether the intellectual property rights such as patents, technologies and trademarks necessary for the Company&#8217;s production and operation have been transferred or authorized to the Company; (2) AXT has already no actual business, the reason for taking the licensing mode rather than transfer and the fairness of the license fee; (3) For the jointly owned patents, whether there are currently arrangements for licensing to third parties in the use and planning of AXT.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">The Issuer&#8217;s Attorney shall check Q(1) and give a clear opinion.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Whether patents, technologies, trademarks and other intellectual property rights necessary for the Company&#8217;s production and operation have been transferred or authorized to the Company;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">1. Transfer or authorization of patent and technology</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">As of February 28, 2022, according to the patent list and description confirmation provided by AXT and the patent verification opinions issued by Clements Bernard Walker PLLC, Studio Torta S.p.A, RYUKA IP LAW FIRM, YOU ME PATENT &amp; LAW FIRM, Norton Rose Fuibright Canada LLP and Tsai, Lee &amp; Chen&#8217;s International Trademark and Patent Office, and upon retrieval through the patent examination information inquiry system for China and other countries (at </font><u style="color:#333333;font-size:12pt;text-decoration-color:#333333;text-decoration-line:underline;text-decoration-style:solid;">http://cpquery.sipo.gov.cn/),</u><font style="color:#333333;font-size:12pt;"> in addition to the Issuer, the authorized patents held by AXT and its subsidiary are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.55%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:39.6%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Patent Name</b></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Patentee</b></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Country</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"><br></b><b style="color:#333333;font-size:10.5pt;font-weight:bold;">/Region</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Application</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"><br></b><b style="color:#333333;font-size:10.5pt;font-weight:bold;">/Patent No.</b></p></td><td style="vertical-align:middle;width:16.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Application</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"><br></b><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Field</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">48</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:39.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#48152;&#46020;&#52404;&#44208;&#51221;&#46308;&#51012;</font><font style="font-size:10.5pt;"> </font><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#44053;&#49457;</font><font style="font-size:10.5pt;"> </font><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#51648;&#51648;&#47932;&#47196;</font><font style="font-size:10.5pt;"> </font><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#53444;&#49548;&#46020;&#54609;&#44284;</font><font style="font-size:10.5pt;"> </font><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#51200;&#54637;&#47456;&#51228;&#50612;</font><font style="font-size:10.5pt;"> </font><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#48143;</font><font style="font-size:10.5pt;"> </font><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#50676;&#44221;&#49324;&#46020;&#51228;&#50612;&#50640;</font><font style="font-size:10.5pt;"> </font><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#51032;&#54644;</font><font style="font-size:10.5pt;"> </font><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#49457;&#51109;&#49884;&#53412;&#44592;</font><font style="font-size:10.5pt;"> </font><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#50948;&#54620;</font><font style="font-size:10.5pt;"> </font><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#48169;&#48277;</font><font style="font-size:10.5pt;"> </font><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#48143;</font><font style="font-size:10.5pt;"> </font><font style="font-family:'Malgun Gothic';font-size:10.5pt;">&#51109;&#52824;</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Korea</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">10-0966182</font></p></td><td style="vertical-align:middle;width:16.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:39.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#28845;&#32032;&#12489;&#12540;&#12500;&#12531;&#12464;</font><font style="font-size:10.5pt;">&#12289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#25269;&#25239;&#29575;&#21046;&#24481;</font><font style="font-size:10.5pt;">&#12289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#28201;&#24230;&#21246;&#37197;&#21046;&#24481;&#12434;&#20276;&#12358;</font><font style="font-size:10.5pt;">&#12289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#21083;&#24615;&#12469;&#12509;&#12540;&#12488;&#12434;&#20633;&#12360;&#12427;&#21322;&#23566;&#20307;&#32080;&#26230;&#12434;&#25104;&#38263;&#12373;&#12379;&#12427;&#12383;&#12417;&#12398;&#26041;&#27861;&#12362;&#12424;&#12403;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Japan</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">4324467</font></p></td><td style="vertical-align:middle;width:16.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:39.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">METHOD AND APPARATUS FOR GROWING SEMICONDUCTOR CRYSTALS WITH A RIGID SUPPORT WITH CARBON DOPING AND RESISTIVITY CONTROL AND THERMAL GRADIENT CONTROL</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Canada</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">CA 2452542</font></p></td><td style="vertical-align:middle;width:16.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:39.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#28845;&#32032;&#12489;&#12540;&#12500;&#12531;&#12464;</font><font style="font-size:10.5pt;">&#12289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#25269;&#25239;&#29575;&#21046;&#24481;</font><font style="font-size:10.5pt;">&#12289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#28201;&#24230;&#21246;&#37197;&#21046;&#24481;&#12434;&#20276;&#12358;</font><font style="font-size:10.5pt;">&#12289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#21083;&#24615;&#12469;&#12509;&#12540;&#12488;&#12434;&#20633;&#12360;&#12427;&#21322;&#23566;&#20307;&#32080;&#26230;&#12434;&#25104;&#38263;&#12373;&#12379;&#12427;&#12383;&#12417;&#12398;&#26041;&#27861;&#12362;&#12424;&#12403;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Japan</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">5005651</font></p></td><td style="vertical-align:middle;width:16.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:39.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">METHOD AND APPARATUS FOR GROWING SEMICONDUCTOR CRYSTALS WITH A RIGID SUPPORT WITH CARBON DOPING AND RESISTIVITY CONTROL AND THERMAL GRADIENT CONTROL</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">USA</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">US 6,896,729 B2</font></p></td><td style="vertical-align:middle;width:16.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.55%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:39.6%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">LOW ETCH PIT DENSITY (EPD) SEMI-INSULATING III-V WAFERS</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">USA</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">US 8,361,225 B2</font></p></td><td style="vertical-align:middle;width:16.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">49</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:7.64%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:39.67%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:8.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:15.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.64%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">LOW ETCH PIT DENSITY (EPD) SEMI-INSULATING GAAS WAFERS</font></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:8.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">USA</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">US 7,566,641 B2</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.64%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#12460;&#12522;&#12454;&#12512;&#12505;&#12540;&#12473;&#26448;&#26009;&#21450;&#12403;&#31532;</font><font style="font-size:10.5pt;">&#65321;&#65321;&#65321;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#26063;&#12505;&#12540;&#12473;&#26448;&#26009;&#12398;&#35069;&#36896;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:8.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Japan</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">6008144</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Polycrystal synthesis</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.64%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#21336;&#32080;&#26230;&#12466;&#12523;&#12510;&#12491;&#12454;&#12512;&#12398;&#32080;&#26230;&#25104;&#38263;&#12471;&#12473;&#12486;&#12512;</font><font style="font-size:10.5pt;">&#12289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#26041;&#27861;&#12362;&#12424;&#12403;&#22522;&#26495;</font></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:8.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Japan</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">5497053</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.64%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SYSTEMS, METHODS AND SOLUTIONS FOR CHEMICAL POLISHING OF GAAS WAFERS</font></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:8.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">USA</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">US 8,318,042 B2</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Polishing</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.64%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">METHODS FOR MANUFACTURING MONOCRYSTALLINE GERMANIUM INGOTS/WAFERS HAVING LOW MICRO-PIT DENSITY (MPD)</font></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:8.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Europe</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">EP2510138B1</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.64%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#12510;&#12452;&#12463;&#12525;&#12500;&#12483;&#12488;&#23494;&#24230;</font><font style="font-size:10.5pt;">&#65288;&#65325;&#65328;&#65316;&#65289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#12364;&#20302;&#12356;&#12466;&#12523;&#12510;&#12491;&#12454;&#12512;&#12398;&#12452;&#12531;&#12468;&#12483;&#12488;&#12434;&#35069;&#36896;&#12377;&#12427;&#26041;&#27861;</font><font style="font-size:10.5pt;">&#12289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#12362;&#12424;&#12403;&#12466;&#12523;&#12510;&#12491;&#12454;&#12512;&#32080;&#26230;&#12434;&#25104;&#38263;&#12373;&#12379;&#12427;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:8.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Japan</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">5671057</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth furnace manufacturing</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.64%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">13</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">CRYSTAL GROWTH APPARATUS AND METHOD</font></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:8.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">USA</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">US 8,231,727 B2</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth furnace manufacturing</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.64%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">14</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#24494;&#22353;&#23494;&#24230;</font><font style="font-size:10.5pt;">&#65288;&#65325;&#65328;&#65316;&#65289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#20302;&#20043;&#37754;&#37956;&#37664;</font><font style="font-size:10.5pt;">/</font><font style="font-family:'SimSun';font-size:10.5pt;">&#26230;&#22291;&#21450;&#29992;&#26044;&#20854;&#35069;&#36896;&#20043;&#31995;&#32113;&#21644;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:8.65%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Taiwan, China</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">I 513865</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">50</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">15</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SYSTEMS, METHODS AND SUBSTRATES OF MONOCRYSTALLINE GERMANIUM CRYSTAL GROWTH</font></p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">USA</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">US 8,506,706 B2</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">16</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">GERMANIUM INGOTS/WAFERS HAVING LOW MICRO-PIT DENSITY (MPD) AS WELL AS SYSTEMS AND METHODS FOR MANUFACTURING SAME</font></p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">USA</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">US 8,647,433 B2</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">17</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#28608;&#20809;&#21487;&#35843;&#33410;&#28145;&#24230;&#26631;&#35760;&#31995;&#32479;&#21644;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT, Issuer</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">China</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">2008100006750</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Measurement</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">18</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#21046;&#36896;&#20302;&#33104;&#34432;&#22353;&#23494;&#24230;&#21322;&#32477;&#32536;&#30775;&#21270;&#38227;&#26230;&#29255;&#30340;&#26041;&#27861;&#21450;&#20854;&#20135;&#21697;</font></p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT, Issuer</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">China</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">2008100009388</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">19</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#38167;&#26230;&#20307;&#29983;&#38271;&#30340;&#26041;&#27861;&#21644;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT, Issuer</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">China</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">2008101770060</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">20</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#20855;&#26377;&#20302;&#24494;&#22353;&#23494;&#24230;</font><font style="font-size:10.5pt;">&#65288;</font><font style="font-size:10.5pt;">MPD</font><font style="font-size:10.5pt;">&#65289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#30340;&#38167;&#38189;</font><font style="font-size:10.5pt;">/</font><font style="font-family:'SimSun';font-size:10.5pt;">&#26230;&#22278;&#21644;&#20854;&#21046;&#36896;&#31995;&#32479;&#21450;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT, Issuer</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">China</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">2010800022161</font></p></td><td style="vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal growth</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">21</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#38750;&#27700;&#31995;&#20108;&#27425;&#38651;&#27744;</font></p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Tandie</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Japan</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">JP5156826</font></p></td><td rowspan="4" style="vertical-align:middle;width:16.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:10.5pt;">Battery related fields</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">22</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#38750;&#27700;&#20108;&#27425;&#30005;&#27744;</font></p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Tandie</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">China</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">2009801146313</font></p></td><td style="display:none;vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">23</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">NONAQUEOUS SECONDARY BATTERY</font></p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Tandie</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">USA</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">US8669010</font></p></td><td style="display:none;vertical-align:middle;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.63%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">24</font></p></td><td style="vertical-align:middle;width:39.67%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">NONAQUEOUS SECONDARY BATTERY</font></p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Tandie</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">USA</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.56%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">US8431267</font></p></td><td style="display:none;vertical-align:middle;width:16.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">On November 4, 2021, AXT signed a Technology License Agreement with the Company, stating that: AXT licenses all of its issued patents and pending patents and intellectual property rights (referring to trade secrets, contractual and licensing rights</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">51</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">and other existing and/or future technology property rights, including updates and extensions thereof) to the Issuer and its controlled subsidiaries; The license covers the manufacture, use, sale, display, reproduction and distribution of gallium arsenide, indium phosphide and germanium crystals and substrate products worldwide; The license term is effective from January 1, 2021 and is valid forever.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">In summary, all patents and technologies necessary for the Company&#8217;s production and operation have been transferred or authorized to the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">2. Transfer or authorization of trademark</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">As of February 28, 2022, according to the list of trademarks provided by AXT, the confirmation of the description, and the trademark verification opinions issued by Clements Bernard Walker PLLC, Studio Torta S.p.A, RYUKA IP LAW FIRM and Tsai, Lee &amp; Chen&#8217;s International Trademark and Patent Office, and upon retrieval through the website of the Trademark Office of China National Intellectual Property Administration (at </font><u style="color:#333333;font-size:12pt;text-decoration-color:#333333;text-decoration-line:underline;text-decoration-style:solid;">http://sbj.cnipa.gov.cn/sbcx/),</u><font style="color:#333333;font-size:12pt;"> registered trademarks owned by AXT are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:30.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Trademark No.</b></p></td><td style="vertical-align:middle;width:20.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Country/region</b></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Trademark</b></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Right Holder</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:30.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">G1097820</font></p></td><td style="vertical-align:middle;width:20.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">China</font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;"><img src="axti-20220418xex99d1004.jpg" alt="Graphic" style="display:inline-block;height:48.55pt;left:0%;padding-bottom:0.95pt;position:relative;top:0pt;width:39.75pt;"></b></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:30.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1728076</p></td><td style="vertical-align:middle;width:20.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">China</font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><img src="axti-20220418xex99d1005.jpg" alt="Graphic" style="display:inline-block;height:21.6pt;left:0%;padding-bottom:0.9pt;position:relative;top:0pt;width:44.4pt;"></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:30.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5536582</p></td><td style="vertical-align:middle;width:20.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">China</font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><img src="axti-20220418xex99d1006.jpg" alt="Graphic" style="display:inline-block;height:51.6pt;left:0%;padding-bottom:0.9pt;position:relative;top:0pt;width:37.8pt;"></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:30.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">01001812</font></p></td><td style="vertical-align:middle;width:20.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Taiwan, China</font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1007.jpg" alt="Graphic" style="display:inline-block;height:22.8pt;left:0%;padding-bottom:1.2pt;position:relative;top:0pt;width:44.4pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:30.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">01543232</font></p></td><td style="vertical-align:middle;width:20.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Taiwan, China</font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1008.jpg" alt="Graphic" style="display:inline-block;height:43.2pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:35.4pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:30.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">00964723</font></p></td><td style="vertical-align:middle;width:20.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Taiwan, China</font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1009.jpg" alt="Graphic" style="display:inline-block;height:22.8pt;left:0%;padding-bottom:1.2pt;position:relative;top:0pt;width:45pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.58%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;width:30.43%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1097820</font></p></td><td style="vertical-align:middle;width:20.31%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Japan</font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1008.jpg" alt="Graphic" style="display:inline-block;height:43.2pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:35.4pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">52</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:11.56%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:30.44%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.32%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.84%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.82%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:30.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4490456</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Japan</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1011.jpg" alt="Graphic" style="display:inline-block;height:23.4pt;left:0%;padding-bottom:0.6pt;position:relative;top:0pt;width:45.6pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:30.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4488361</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Japan</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1011.jpg" alt="Graphic" style="display:inline-block;height:23.4pt;left:0%;padding-bottom:0.6pt;position:relative;top:0pt;width:45.6pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:30.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1097820</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Norway</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1013.jpg" alt="Graphic" style="display:inline-block;height:39.6pt;left:0%;padding-bottom:0.9pt;position:relative;top:0pt;width:33pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:30.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2981244</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">USA</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1014.jpg" alt="Graphic" style="display:inline-block;height:21.6pt;left:0%;padding-bottom:0.9pt;position:relative;top:0pt;width:42.6pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:30.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3725141</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">USA</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1015.jpg" alt="Graphic" style="display:inline-block;height:45pt;width:33pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">13</font></p></td><td style="vertical-align:middle;width:30.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1097820</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Korea</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1013.jpg" alt="Graphic" style="display:inline-block;height:39.6pt;left:0%;padding-bottom:0.9pt;position:relative;top:0pt;width:33pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">14</font></p></td><td style="vertical-align:middle;width:30.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">526305</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Korea</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1017.jpg" alt="Graphic" style="display:inline-block;height:23.4pt;left:0%;padding-bottom:0.6pt;position:relative;top:0pt;width:46.2pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">15</font></p></td><td style="vertical-align:middle;width:30.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">519696</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Korea</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1018.jpg" alt="Graphic" style="display:inline-block;height:22.2pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:44.4pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">16</font></p></td><td style="vertical-align:middle;width:30.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1097820</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Iceland</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1013.jpg" alt="Graphic" style="display:inline-block;height:39.6pt;left:0%;padding-bottom:0.9pt;position:relative;top:0pt;width:33pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">17</font></p></td><td style="vertical-align:middle;width:30.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">010346179</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">European Union </font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1020.jpg" alt="Graphic" style="display:inline-block;height:43.2pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:31.8pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">18</font></p></td><td style="vertical-align:middle;width:30.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">UK00910346179</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Britain</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1021.jpg" alt="Graphic" style="display:inline-block;height:43.2pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:28.8pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.56%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">19</font></p></td><td style="vertical-align:middle;width:30.44%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1097820</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">International</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.12pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1022.jpg" alt="Graphic" style="display:inline-block;height:37.2pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:30.6pt;"></font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.12pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">The Company is in the semiconductor material industry, and its business development does not depend significantly on trademarks. The trademarks mentioned above are not necessary ones for the Company&#8217;s production and operation. As a controlled subsidiary of AXT, the Company mainly uses relevant trademark patterns in daily management of enterprise, internal identification in plant and product packaging.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">In order to ensure the continuity of the Company&#8217;s business management and trademark use, the Company signed a Trademark License Agreement with AXT on</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">53</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">November 4, 2021, which stipulates that: AXT will license the above trademarks to the Company and its subsidiaries for free as an integral part of the Company&#8217;s corporate name for the manufacture, marketing and sale of products; The license term begins on March 1, 2021 and is valid forever.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">In summary, AXT has licensed the relevant registered trademarks owned by itself to the Company for free.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) AXT has already no actual business, the reason for taking the licensing mode rather than transfer and the fairness of license royalties;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">1. Reasons for adopting licensing mode rather than transfer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">In terms of technology licensing, due to the cross-licensing agreement between AXT and M, AXT has restrictions on transferring patents, and AXT patents cover Europe, the United States, Japan, South Korea, Taiwan, China and other countries and regions. Since 2021, various countries and regions have introduced laws to increase support for the semiconductor industry. In this context, there are many restrictions and policy uncertainties in the cross-border transfer of semiconductor-relevant patents. In view of the above reasons, although AXT has no actual business, the Issuer and AXT still take the licensing mode rather than transfer to receive the AXT- related right to use the patent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">On trademark licensing, as AXT itself is still a NASDAQ listed company, foreign public relations publicity and information disclosure are still required to use relevant trademarks. To facilitate the integration of the Issuer&#8217;s sales operations while ensuring AXT&#8217;s daily publicity and disclosure needs, AXT licenses the trademark to the Issuer at no cost, and the license term begins on March 1, 2021 and is valid forever.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">2. The fairness of license royalties</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">Technology license royalties granted by AXT to the Issuer include intellectual property rights, licensed patents and pending patents owned by AXT. The above license royalties are determined according to the Intangible Assets Appraisal Report issued by Armanino LLP, an overseas appraisal agency, and through negotiation by both parties. The appraisal value is USD1.228 million, the appraisal method is income approach, and the appraisal base date is January 1, 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">54</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">According to the appraisal report issued by Armanino LLP, the fair value of the right to use patented technology was appraised using the income method. The main parameters for appraising the fair value of such use right are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Main parameters</b></p></td><td style="vertical-align:middle;width:64.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Descriptions</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Appraisal purpose</font></p></td><td style="vertical-align:middle;width:64.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Fair value of the authorized patent rights and intellectual property rights</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Appraisal base date</font></p></td><td style="vertical-align:middle;width:64.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 1, 2021</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Predicted operation term</font></p></td><td style="vertical-align:middle;width:64.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">10 years</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Appraisal method</font></p></td><td style="vertical-align:middle;width:64.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Income method</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Contribution rate of patent technology use right</font></p></td><td style="vertical-align:middle;width:64.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The technical sharing rate is 15% in 2021, and it is reasonably expected that the proportion will decline at an annual attenuation rate of 1.5% in the next decade.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.8%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Discount rate</font></p></td><td style="vertical-align:middle;width:64.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">13%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">Armanino LLP, upon prediction and calculation of the Company&#8217;s sales revenue from relevant products from 2021 to 2030, and in light of the technical sharing rate of AXT patented technology during the license period, finds that the present value of technology license royalties for each year after discounting totals to USD1.228 million; In addition, the royalty rates of 12 US listed companies have been selected by Armanino LLP for comparative analysis. The royalties for AXT are reasonably priced.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">In summary, the above technology license royalties are evaluated according to the Intangible Assets Appraisal Report issued by Armanino LLP, an overseas appraisal agency, and agreed by the Issuer and AXT through negotiation, the pricing of license royalties is fair.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">AXT grants a license on the trademark which is still in its use to the Issuer on a permanent and royalty-free basis, rendering the trademark to be jointly used by both parties.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) For the joint patents, whether there are currently arrangements for licensing to a third party in the use and planning of AXT.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">As of February 28, 2022, the Company has been granted a total of 53 invention patents inside and outside China, among which four (4) patents are jointly owned by the Company and AXT, its controlling shareholder. The Company was originally a</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">55</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">wholly-owned subsidiary of AXT, and declared the above four (4) patent applications as joint patents with AXT. The details of such jointly patents are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.78%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">S/N</b></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Patentee</b></p></td><td style="vertical-align:middle;width:12.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Patent Name</b></p></td><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Patent</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"><br></b><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Type</b></p></td><td style="vertical-align:middle;width:14.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Patent No.</b></p></td><td style="vertical-align:middle;width:11.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Date of </b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"><br></b><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Authorization</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"><br></b><b style="color:#333333;font-size:10.5pt;font-weight:bold;">proclamation</b></p></td><td style="vertical-align:middle;width:12.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Gaining</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"><br></b><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Method</b></p></td><td style="vertical-align:middle;width:24.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">The Intrinsic Connection</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"><br></b><b style="color:#333333;font-size:10.5pt;font-weight:bold;">with the Product or Service</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"><br></b><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Offered by the Company</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.78%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 12pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">AXT,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">Company</font></p></td><td style="vertical-align:middle;width:12.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-family:'SimSun';font-size:10.5pt;">&#21046;&#36896;&#20302;&#33104;&#34432;&#22353;&#23494;&#24230;&#21322;&#32477;&#32536;&#30775;&#21270;&#38227;&#26230;&#29255;&#30340;&#26041;&#27861;&#21450;&#20854;&#20135;&#21697;</font></p></td><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">Invention</font></p></td><td style="vertical-align:middle;width:14.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">2008100009388</font></p></td><td style="vertical-align:middle;width:11.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">December 26, 2012</font></p></td><td style="vertical-align:middle;width:12.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:24.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">This technology uses a chemical mechanical surface polishing technology, with stable process, and after fine polishing, the wafer surface has no scratches, orange peel, imprint and other defects, with good flatness, and it can provide customers with semi-insulated gallium arsenide chips with low defect density.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.78%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 12pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">AXT,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">Company</font></p></td><td style="vertical-align:middle;width:12.78%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-family:'SimSun';font-size:10.5pt;">&#28608;&#20809;&#21487;&#35843;&#33410;&#28145;&#24230;&#26631;&#35760;&#31995;&#32479;&#21644;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:8.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">Invention</font></p></td><td style="vertical-align:middle;width:14.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">2008100006750</font></p></td><td style="vertical-align:middle;width:11.88%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">May 23, 2012</font></p></td><td style="vertical-align:middle;width:12.85%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:24.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">This technology uses laser to engrave wafers, which can protect the quality of wafers and effectively trace the production line of defective wafers, and it plays an important role in production adjustment of the Company and the downstream customer verification.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">56</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.86%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:10.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 12pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">AXT,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">Company</font></p></td><td style="vertical-align:middle;width:12.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-family:'SimSun';font-size:10.5pt;">&#38167;&#26230;&#20307;&#29983;&#38271;&#30340;&#26041;&#27861;&#21644;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">Invention</font></p></td><td style="vertical-align:middle;width:14.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">2008101770060</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">July 24, 2013</font></p></td><td style="vertical-align:middle;width:12.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:24.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">Single crystal furnace of the Company has low manufacturing cost, the axial temperature gradient of the whole furnace body is easy to accurately control, the temperature gradient of solid-liquid interface is small, the internal stress of single crystal growth is small, the crystalline perfection of single crystal growth is good, and the dislocation density is low, which is an important technology for the growth of germanium crystal</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.86%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:10.07%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 12pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">AXT,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">Company</font></p></td><td style="vertical-align:middle;width:12.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-family:'SimSun';font-size:10.5pt;">&#20855;&#26377;&#20302;&#24494;&#22353;&#23494;&#24230;</font><font style="color:#333333;font-size:10.5pt;">&#65288;</font><font style="color:#333333;font-size:10.5pt;">MPD</font><font style="color:#333333;font-size:10.5pt;">&#65289;</font><font style="color:#333333;font-family:'SimSun';font-size:10.5pt;">&#30340;&#38167;&#38189;</font><font style="color:#333333;font-size:10.5pt;">/</font><font style="color:#333333;font-family:'SimSun';font-size:10.5pt;">&#26230;&#22278;&#21644;&#20854;&#21046;&#36896;&#31995;&#32479;&#21450;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:8.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">Invention</font></p></td><td style="vertical-align:middle;width:14.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">2010800022161</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">June 4, 2014</font></p></td><td style="vertical-align:middle;width:12.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:24.59%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 3.6pt;"><font style="color:#333333;font-size:10.5pt;">The Company uses the full-automatic wafer chamfering process, full-automatic ultra-thin germanium chip surface Grinding and thinning process and automatic ultra-thin wafer cleaning process, etc., which can provide customers with low defect density of germanium substrate</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">Pursuant to the Cross-Licensing and Non-Prosecution Agreement signed by AXT and M on April 16, 2020, M and AXT license patents filed prior to December 31, 2029</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">57</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">(inclusive) to each other and entities under their control, including the four joint patents mentioned above.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">There is no separate agreement or other arrangement between the Issuer and AXT with respect to the four (4) joint patents, but in view of the above patent cross-licensing arrangement between AXT and M, AXT undertakes in its Technology Licensing Agreement with the Company dated November 4, 2021: Except for M, AXT will not license its own patents to any third party for use without the consent of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">According to AXT&#8217;s confirmation, after the completion of the business handover, AXT does not use such joint patents, nor does AXT plan to use such joint patents itself or authorize other third parties to use such joint patents in the future; AXT currently has no arrangements to license such joint patents to other third parties, other than to license them in conjunction with other patents to M.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The Issuer&#8217;s Attorney shall verify the Q(1) and express a clear opinion</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">Regarding matters related to Q(1), the Issuer&#8217;s Attorney performed the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">1. Refer to the patent list and description confirmation provided by AXT, as well as the patent verification opinions issued by Clements Bernard Walker PLLC, Studio Torta S.p.A, RYUKA IP LAW FIRM, YOU ME PATENT &amp; LAW FIRM and Norton Rose Fuibright Canada LLP and Tsai, Lee &amp; Chen&#8217;s International Trademark and Patent Office, log in China and international patent examination information query system (http://cpquery.sipo.gov.cn/) for retrieval query, and check AXT&#8217;s authorized patents and their application fields.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">2. Refer to the Technology License Agreement signed by AXT and the Issuer and AXT&#8217;s description confirmation, interview the chairman of AXT and the general manager of the Issuer, and verify that AXT has licensed its owned patent to the Issuer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">3. Refer to the list of trademarks and the confirmation of description provided by AXT, and the trademark verification opinions issued by Clements Bernard Walker PLLC, Studio Torta S.P.A, RYUKA IP LAW FIRM and Tsai, Lee &amp; Chen&#8217;s</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">58</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">International Trademark and Patent Office, log in to China Trademark Network (website: http://sbj.cnipa.gov.cn/sbcx/) for retrieval query, and check the status of registered trademarks owned by AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">4. Refer to the Trademark License Agreement signed by AXT and the Issuer, and AXT&#8217;s description confirmation, interview the chairman of AXT and the general manager of the Issuer, and verify that AXT licenses its owned registered trademark to the Issuer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification Opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">Upon verification, the Issuer&#8217;s Attorney believes that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">1. All patents and technologies necessary for the Company&#8217;s production and operation have been transferred or authorized to the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">2. The Issuer belongs to the semiconductor material industry and does not have significant dependence on trademarks for business development; The relevant registered trademarks owned by AXT are not necessary trademarks for the Company&#8217;s production and operation, but in order to ensure the continuity of the Company&#8217;s business management and trademark use, AXT has licensed the relevant registered trademarks owned by itself free of charge to the Issuer for use.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2.4</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">According to the submissions, during the reporting period, AXT has dispatched R&amp;D players to assist the Issuer in research and development, and these players have been converted into Company employees since March 2021.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) whether the sources of the Company&#8217;s core technology are legal and compliant, and whether they are disputable or have potential disputes; (2) during the reporting period, whether the Company and AXT hold cross-posts or part-time jobs in terms of management personnel and core technical team, or advance salary on behalf of the Company.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">59</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The sources of the Company&#8217;s core technology are legal and compliant, whether they have disputes or potential disputes;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">In 1998, AXT established its predecessor company Tongmei Co., Ltd in Beijing, and gradually transferred its production and research and development to Beijing Tongmei Co., Ltd., and invested related technology of compound semiconductor substrate into Tongmei Co., Ltd. On the basis of these technologies, the Company has continued to carry out technological development and innovation for more than 20 years, and upgraded and innovated polycrystalline synthesis, single crystal growth, material purification and other processes and various devices, in order to meet the downstream demand and technological development trend.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">Prior to March 2021, AXT dispatched R&amp;D players to assist the Issuer in research and development. These players are mainly engaged in overseas customer communication, overseas product research and development, testing and other R&amp;D activities. Since March 2021, these R&amp;D players have been converted to company employees. The main core research and development work of the Issuer is completed on its own, based on which, the Issuer has applied for a series of patents or formed technical secrets, generating its core technologies, patents and products, with its current core technologies coming from its independent research and development.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">In summary, the core technologies of the Company are independently researched and developed. The source of core technologies is legal and compliant, and there are no disputes or potential disputes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) During the reporting period, whether the Company and AXT hold cross-posts or take part-time jobs in terms of management personnel and core technical team, or advance salary on behalf of the Company;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">During the reporting period, the Company and AXT do not hold cross-posts or take part-time jobs in terms of management personnel or core technical teams.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">During the reporting period, AXT disbursed salaries in the amount of RMB2.4354 million, RMB3.835 million and RMB736,100, respectively, to Mr. VINCENT WENSEN LIU, the general manager of the Company. As stated by AXT, the Company was not required to reimburse such amounts, and corresponding accounting treatments</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">60</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">have been made by the Company therefor. After March 2021, no circumstances as above have happened again. There is no other disbursement of salaries except the above.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">In order to actively promote the Company&#8217;s research and development efforts, AXT sent R&amp;D players to assist the Company&#8217;s research and development, and the Company paid subsidies of RMB1,070,500, RMB1,049,900 and RMB415,600, respectively to those R&amp;D players during the reporting period. Given the Company, who was formerly a wholly-owned subsidiary of AXT, needed to maintain close communication with overseas advanced customers for overseas business, AXT dispatched some overseas players to assist the Company in R&amp;D. All relevant R&amp;D players take office in AXT, but not in the Company, without cross-employment or part-time job. The Company has paid the relevant subsidies according to the service time of the relevant personnel, which does not belong to salary payment on behalf of AXT. Starting from March 2021, the above-mentioned R&amp;D players have been converted to employees of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">The Company has an independent personnel management system, and all the directors, supervisors and senior managers of the Company are elected and appointed in strict accordance with the relevant provisions of the Company Law and the Articles of Association. The management personnel and core technical team of the Company take full-time job and receive remuneration in the Company, and they do not hold positions other than directors and supervisors in the controlling shareholders and other enterprises controlled by the Company, nor do they hold positions in other enterprises with the same or similar business of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">2.5</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">The Sponsor and the Issuer&#8217;s Attorney shall specify whether the Issuer business is complete, whether the relevant sales, procurement, assets, personnel and technology are confused with the controlling shareholders and the companies they control and share in and whether the Issuer has verification procedures, evidences and conclusions performed for the independent ability to continue</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">61</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">operations directly to the market, and give a clear opinion on whether the Issuer meets the requirements of the relevant rules for business integrity and independence.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Basic information of the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As regards sales and procurement, before March 2021, based on the unified arrangement within the Group, the Issuer sold semiconductor substrate material products and also purchased some main raw materials overseas through AXT, its controlling shareholder. After March 2021, the business handover between AXT and AXT-Tongmei, a subsidiary of the Issuer, was completed whereupon AXT-Tongmei was independently responsible for overseas procurement and sales, and AXT no longer engaged in specific business after accomplishing the ongoing orders.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As regards assets and technology, in addition to independent plants, equipment and sound production processes, the Issuer has formed patented and non-patented technologies during production and R&amp;D. In November 2021, the Company entered into a Technology License Agreement and a Trademark License Agreement with AXT, whereby it is agreed that AXT shall grant the Company and its controlled subsidiaries licenses to use AXT&#8217;s intellectual property rights, patents (whether issued or pending) and trademarks on a perpetual basis. In 2021, AXT-Tongmei, a subsidiary of the Company, rented real estate from AXT as office space against paying the rent of RMB1.5068 million, recognizing right-to-use assets of RMB5.1358 million therefor. The above real estate is only used by AXT-Tongmei for daily office work, without a material impact on the Company&#8217;s business and asset independence.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As regards labor force, since March 2021, AXT has handed over its business to AXT-Tongmei, with its relevant sales, procurement and R&amp;D teams having re-signed labor contracts with the latter, while only retaining some necessary personnel to be responsible for information disclosures, investor relations, finances and other related matters in the US capital market. As of December 31, 2021, the Company has a total of 1,396 employees, who independently undertake such functions as procurement, sales, R&amp;D and management.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the Issuer maintains its business integrity, having no confusion with its controlling shareholder and the companies controlled or invested by the latter in</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">62</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">respects of relevant sales, procurement, assets, personnel and technology. The Issuer has the ability to directly conduct market-oriented operations as an independent going concern.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. Verification procedures performed by the Sponsor and the Issuer&#8217;s Attorney and verification evidences</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">On whether the business of the Issuer is complete, whether the relevant sales, procurement, assets, personnel and technology are confused with the controlling shareholders and the companies they control and share in, and whether the Issuer has the independent ability to continue operations directly to the market, The verification procedures performed by the Sponsor and the Issuer&#8217;s Attorney and the verification evidences obtained are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">1. Obtain the Issuer&#8217;s Audit Report, sales &amp; purchase details, R&amp;D investment details, equipment procurement details, fixed assets list, important fixed assets purchase contract and invoice, property ownership certificates such as certificate of real estate title and list &amp; certificates of intellectual property rights, register of employees, salary payment record, organization chart and job description, department post work standard and system and fund statements of the bank account, check the Issuer&#8217;s sales and procurement, setup of financial department and R&amp;D department and personnel composition,, understand the ownership and use of the Issuer&#8217;s assets, and check whether there is any ownership dispute in the important assets for the Issuer&#8217;s production and operation, whether these assets are occupied by the related party and whether the assets of the related party are used; judge whether the Issuer&#8217;s business is complete;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">2. Understand the industry policies, industry data and industry development of the industry to which the Issuer belongs, obtain the income of the main customers of the Issuer, obtain the main financial data of the major customers of the Issuer, and check whether there are significant adverse changes; Check whether there are major disputes or lawsuits over trademarks, patents, proprietary technologies and other important assets or technologies that have a significant impact on the business operation or</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">63</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">revenue realization of the Issuer; whether there are other circumstances that significantly affect or impair the ability to continue operations;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">3. Obtain legal opinions on the controlling shareholder AXT, AXT information disclosure announcement documents, audit reports or financial statements, procurement and sales details, procurement and sales contracts, list of fixed assets, list of intellectual property rights, register of employees and fund statements of bank accounts issued by the American Attorney; check the historical development, industry involved, main business, main products, main raw materials, production process, assets, personnel composition and other basic information of AXT and its controlled enterprises; determine whether AXT and the companies it controls horizontally compete with the Issuer with significant adverse effects, and determine whether the Issuer&#8217;s related sales, purchases, assets, personnel and technology are confused with the controlling shareholders and the companies they control and participate in;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">4. Refer to the transaction details of related sales and related purchase, related transactions contracts and transaction vouchers and trademarks &amp; technology license contracts of the Issuer during the reporting period, obtain the information note and interview record for related transaction issued by the related party of the Issuer, check the amount and proportion and change trend of related transactions between the Issuer and related parties, background and authenticity of related transactions, and judge whether the Issuer has related transactions that seriously affect its independence and whether it has the ability to directly face the market and continue to operate independently;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">5. Obtain trademark and technology usage license agreement, fund lending contracts and vouchers signed by AXT and the Issuer; Check whether the Issuer has obtained necessary authorization to use the trademarks and technologies of related parties, and judge whether the production and operation of the Issuer is significantly dependent on the authorized trademarks and technologies;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">6. Check the files on the Issuer&#8217;s real estate, land, patents, trademarks, software copyrights and other assets through public channels, and verify the accuracy and integrity of the Issuer&#8217;s assets in light of the closing balances of inventories, fixed assets,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">64</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">constructions in progress and intangible assets;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">7. Obtain the commitment letter on avoiding horizontal competition issued by AXT;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">8. Check the sites for production and R&amp;D of the Issuer and its subsidiaries on the spot, the production process of the Issuer for its products, and the approval and R&amp;D records of R&amp;D projects; interview with relevant personnel responsible for management, procurement, sales, finance and R&amp;D to assess whether the Company operates independently in terms of production, supply, marketing, finance and R&amp;D;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">9. Interview with the main customers and suppliers of the Issuer during the reporting period, as well as the main customers and suppliers after looking through AXT, to see the transaction contents, transaction terms and actual implementation thereof with customers and suppliers, the history of cooperation between both parties, the recognition of customers on the quality of the Company&#8217;s products, and whether they are associated with the Issuer or involve in financial disintermediation;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">10. Inquire basic information of the Issuer&#8217;s main customers using public data to learn the position of the Company in the industry and the position of the Company&#8217;s products in its downstream application industry through the composition of customers;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">11. Seek confirmations from the Issuer&#8217;s main customers and suppliers during the reporting period, as well as the main customers and suppliers after looking through AXT;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">12. Check the account statements of the Issuer, and its controlling shareholder AXT (including main officers thereof), directors, supervisors, officers, sales and procurement principals, key financial personnel, key sales staff and key procurement personnel during the reporting period to establish whether there is any financial disintermediation and disbursement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">III. Verification conclusions of the Sponsor and the Issuer&#8217;s Attorney</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">After verification, the Sponsor and the Issuer&#8217;s Attorney believe that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">1. The Issuer has an independent procurement, research &amp; development, production, sales, finance departments and related personnel, with independent procurement &amp; sales channels, and independent and complete business system, the Issuer&#8217;s business does not depend on related parties, and the business of the Issuer is</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">65</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">complete and has the ability of independent and continuous operation directly facing the market;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">2. </font><font style="font-size:12pt;">AXT and other enterprises under its control currently engage in no actual production and operation, who have granted licenses on their patents, trademarks and other intellectual property rights to the Company for use. In order to ensure the stability of the Company&#8217;s raw material procurement as well as to avoid supply interruption and shortage, the Company or its controlling shareholder AXT also improved the cooperation with the key raw material suppliers in China through investing in them</font><font style="color:#333333;font-size:12pt;">; the main businesses of AXT&#8217;s joint-stock companies Beijing Jiya, Jiamei Hi-purity, Tongli Germanium industry and Dongfang Hi-purity are the upstream extension of the Issuer&#8217;s main business, all of whom operated independently; and there is no confusion between the sales, procurement, assets, personnel and technology of the Issuer and those of the controlling shareholders and the companies they control and participate in;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">3. The Issuer&#8217;s business is complete and has the ability to continue operation directly and independently in the market. There is no horizontal competition that has a material adverse effect on the Issuer between the Issuer and the controlling shareholders and other enterprises controlled by the Issuer, and there is no related transaction that seriously affects the independence of the Issuer, which complies with the requirements of business integrity and independence in related rules such as Article 12 of the Administrative Measures for the Registration of Initial Public Offerings of the Science and Technology Innovation Sector, and Articles 4.1.3 &amp; 4.1.4 of Section I Controlling Shareholder and Actual Controller in Chapter IV Internal Governance of Listing Rules of Science and Technology Innovation Sector Stock of Shanghai Stock Exchange.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q3. AXT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions: 1) AXT holds 85.51% of the equity of the Issuer and is the controlling shareholder; 2) AXT&#8217;s equity structure is decentralized and there is no actual controller. Except for matters to be decided by shareholders,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">66</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">AXT&#8217;s top decision-making body is the board of directors. AXT directors are nominated by the board of directors and elected by shareholders holding more than half of the voting rights at the annual general meeting of shareholders; 3) AXT currently has five directors, and MORRIS SHEN-SHIH YOUNG serves as the chairman of the Issuer and the director and CEO of AXT.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the division of functions and powers of AXT&#8217;s general meeting of shareholders and the board of directors, the decision-making mechanism of the board of directors, and the functions and powers of different types of directors based on the provisions of AXT&#8217;s registration place, listing place and the Articles of Association, as well as whether MORRIS SHEN-SHIH YOUNG plays a special role in AXT&#8217;s operation, has a special decision-making position on major matters, and can actually control the board of directors and AXT in combination with his role in AXT&#8217;s operation; (2) whether there is a concerted action agreement among the current directors of AXT, or other special arrangements that may cause specific directors to actually control the board of directors and AXT; (3) the basic information and term of office of AXT&#39;s current directors, during the reporting period, is there any deadlock on the board of directors that makes it impossible to make effective decisions on the Company</b><font style="font-size:12pt;">&#8217;</font><b style="font-size:12pt;font-weight:bold;">s operation, and is there any major adjustment of the Company</b><font style="font-size:12pt;">&#8217;</font><b style="font-size:12pt;font-weight:bold;">s business strategy due to the change of directors; (4) the basic information of the top five shareholders holding AXT common shares.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The division of functions and powers of AXT&#8217;s general meeting of shareholders and the board of directors, the decision-making mechanism of the board of directors, and the functions and powers of different types of directors based on the provisions of AXT&#8217;s registration place, listing place and the Articles of Association, as well as whether MORRIS SHEN-SHIH YOUNG plays a special</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">67</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">role in AXT&#8217;s operation, has a special decision-making position on major matters, and can actually control the board of directors and AXT in combination with his role in AXT&#8217;s operation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The division of functions and powers of AXT&#8217;s general meeting of shareholders and the board of directors, the decision-making mechanism of the board of directors, and the functions and powers of different types of directors based on the provisions of AXT&#8217;s registration place, listing place and the Articles of Association</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Disclosure Letter issued by Wilson Sonsini Goodrich &amp; Rosati, the Statement &amp; Confirmation Letter issued by AXT, and based on the provisions of AXT&#8217;s place of registration, place of listing and the Articles of Association, the division of functions and powers of AXT&#8217;s general meeting of shareholders and the board of directors, the decision-making mechanism of the board of directors and the functions and powers of different types of directors are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) The division of functions and powers of AXT&#39;s general meeting of shareholders and the board of directors</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT&#8217;s general meeting of shareholders has the right to decide on the election of directors, amendment or repeal of the Articles of Association, approval of some necessary transactions and other matters; AXT&#8217;s general meeting of shareholders can be held only when the shareholders with more than 50% voting shares are present; the general resolution of AXT&#8217;s general meeting of shareholders shall be approved by more than half of the voting rights of shareholders present, and the special resolution shall be approved by more than two-thirds of the voting rights of shareholders present.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the level of the board of directors, unless otherwise stipulated by relevant laws, the board of directors of AXT has all the decision-making powers of AXT, including but not limited to the following matters: (a) distribute dividends from time to time; (b) purchase or otherwise acquire any property, right or privilege; (c) authorize the creation, formulation and publication of various written obligations and take all necessary actions in connection therewith regardless of their transferability and security; (d) remove any executive of the Company and transfer the powers and duties of any</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">68</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">executive to others; (e) authorize the executive of the Company to appoint, remove and suspend the subordinate employees and agents; (f) formally approve the shares, option, shares purchase, bonus or other compensation plans that can be determined by it for the directors, executives, employees and agents of the Company and its subsidiaries; (g) formally adopt insurance, retirement and other benefit plans that can be determined by it for the directors, executives, employees and agents of the Company and its subsidiaries; (h) adopt the Company system that does not violate the Articles of Association in order to manage the business and daily affairs of the Company; and (i) any vacancy in the office of director or any new office of director may be filled by the majority vote of the directors in office.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 20pt;"><font style="font-size:12pt;">In addition, the board of directors can participate in and decide on specific decision-making and daily management of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) The decision-making mechanism of the board of directors</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT&#8217;s board meeting can be divided into regular meeting and </font><i style="font-size:12pt;font-style:italic;">ad hoc</i><font style="font-size:12pt;"> meeting. The regular meeting shall be held at the place, date and time determined by the board of directors and announced to all directors. The </font><i style="font-size:12pt;font-style:italic;">ad hoc</i><font style="font-size:12pt;"> meeting shall be convened by one-third of the directors or CEO and held after five days&#8217; written notice or 24 hours&#8217; telephone notice; AXT&#8217;s board meeting shall be held only when more than half of the directors are present; all matters shall be decided by a majority of the directors attending the meeting and reaching a quorum; AXT&#8217;s board of directors may adopt resolutions by written consent, provided that such method must be unanimously agreed by all directors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Functions and powers of different types of directors</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Directors of AXT are, according to their term of office, composed of three classes i.e. Class I Director, Class II Director and Class III Director. The term of office for each class of directors will expire at the annual general meeting of shareholders in the third year after their election. At the annual general meeting of shareholders each year, only one class of directors whose term of office expires will be re-elected, and the directors will serve for a full term of three years after re-election.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Except for difference in the term of office, the above different classes of directors</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">69</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">enjoy the same functions and powers, and each director has one vote on decision-making matters related to operation. It is a common practice of listed companies in the US to classify directors by term of office.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether MORRIS SHEN-SHIH YOUNG plays a special role in AXT&#8217;s operation, has a special decision-making position on major matters, and can actually control the board of directors and AXT in combination with his role in AXT&#8217;s operation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Disclosure Letter issued by Wilson Sonsini Goodrich &amp; Rosati, the Statement &amp; Confirmation Letter issued by AXT and the Articles of Association, and the interview with MORRIS SHEN-SHIH YOUNG, chairman of AXT, MORRIS SHEN-SHIH YOUNG:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) As the CEO of AXT, exercises the power of managing AXT&#8217;s daily business affairs, including hiring, dismissing and administering employees, putting forward strategies and objectives, and implementing company plans of AXT;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) As the board chairman of AXT, he presides over the board meetings, and participates in decision-making matters related to AXT operation together with other directors. Since directors of various classes of AXT differ in term of office only, directors do not have different functions and powers due to different classes, so MORRIS SHEN-SHIH YOUNG has the same decision-making status with other directors, enjoys one vote on decision-making matters related to operation, and the final decision-making matters shall be voted by a majority of directors attending the meeting and reaching a quorum.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As a whole, as CEO of AXT, MORRIS SHEN-SHIH YOUNG is responsible for managing daily operation issues of AXT, and only has one vote in the board of directors as a director of AXT; he does not have a special decision-making status on major matters, cannot actually control the board of directors and AXT, and does not play a special role in AXT&#8217;s operation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Whether there is a concerted action agreement among the current directors of AXT, or other special arrangements that may cause specific directors to actually control the board of directors and AXT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">70</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Disclosure Letter issued by Wilson Sonsini Goodrich &amp; Rosati, the Statement &amp; Confirmation Letter issued by AXT and the Statement issued by AXT&#8217;s current directors, there is no concerted action agreement among AXT&#8217;s current directors or other special arrangements that may cause specific directors to actually control the board of directors and AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The basic information and term of office of AXT&#8217;s current directors, during the reporting period, is there any deadlock on the board of directors that makes it impossible to make effective decisions on the Company&#8217;s operation, and is there any major adjustment of the Company&#8217;s business strategy due to the change of directors</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Basic information and term of office of AXT&#8217;s current directors</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to AXT&#8217;s announcement document on the SEC website (https://www.sec.gov/), the relevant information of AXT</font><b style="font-size:12pt;font-weight:bold;">&#8217;</b><font style="font-size:12pt;">s current directors is as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:7.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:24.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name</b></p></td><td style="vertical-align:middle;width:12.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Position</b></p></td><td style="vertical-align:middle;width:17.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Expiration date</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">of term of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">office</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:37.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Director type</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:7.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;white-space:nowrap;width:24.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td><td style="vertical-align:middle;width:12.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Chairman and CEO</p></td><td style="vertical-align:top;width:17.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Annual general meeting in 2023</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Class I Director</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:7.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;white-space:nowrap;width:24.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">David C. Chang</p></td><td style="vertical-align:middle;width:12.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">independent director</p></td><td style="vertical-align:top;width:17.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Annual general meeting in 2023</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Class I Director</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:7.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;white-space:nowrap;width:24.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jesse Chen</p></td><td style="vertical-align:middle;width:12.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">independent director</p></td><td style="vertical-align:top;width:17.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Annual general meeting in 2024</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Class II Director</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:7.43%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;white-space:nowrap;width:24.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Christine Russell</p></td><td style="vertical-align:middle;width:12.65%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">independent director</p></td><td style="vertical-align:top;width:17.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Annual general meeting in 2022</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Class III Director</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. During the reporting period, is there any deadlock on the board of directors that makes it impossible to make effective decisions on the Company&#8217;s operation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, AXT&#8217;s board of directors operates normally and the Company&#8217;s business decisions could be made effectively. There is no deadlock on the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">71</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">board of directors which makes it impossible to make effective decisions on the Company&#8217;s operation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. During the reporting period, is there any major adjustment of the Company&#8217;s business strategy due to the change of directors</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to provisions of certificate of incorporation and articles of association of AXT, number of members of the board shall be determined by the resolutions adopted by the board from time to time. According to relevant rules of Nasdaq on corporate governance, majority members of the board of AXT shall be held by independent directors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the beginning of the reporting period, AXT had four board members, namely MORRIS SHEN-SHIH YOUNG, David C. Chang, Jesse Chen and Leonard J. LeBlanc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On December 23, 2019, AXT held a board meeting to elect Christine Russell as a Class III Director, and the members of AXT&#8217;s board of directors were changed to 5. On December 29, 2021, director Leonard J. LeBlanc resigned as a director for his own reasons, and the members of AXT&#8217;s board of directors were changed to 4.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, AXT fulfilled the necessary legal procedures and information disclosure obligations due to the changes of the above directors, and, there was no material change in the members of the board of directors; the number, structure, gender and ethnicity of members of the board comply with requirements of American laws and statutes. Currently, AXT has no plan of adding directors; in future, the number of directors may be increased based on needs and relevant regulatory requirements.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Generally speaking, during reporting period, there was no major adjustment to the Company&#8217;s business strategy due to the change of directors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) Basic information of the top five shareholders holding AXT common shares</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of December 31, 2021, the top five shareholders holding AXT common shares are Dimensional Fund Advisors, L.P., BlackRock Institutional Trust Company, N.A., Wellington Management Group LLP, The Vanguard Group, Inc. and Needham Investment Management LLC.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Through online search and inquiry, the basic information of the above shareholders</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">72</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">is as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.75%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:14.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">shareholder</b></p></td><td style="vertical-align:middle;width:11.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Number</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">of shares</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">(share)</b></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">in&#160;common</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">shares</b></p></td><td style="vertical-align:middle;width:56.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Basic information</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.75%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:14.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Dimensional Fund Advisors, L.P.</font></p></td><td style="vertical-align:middle;width:11.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3,007,836</font></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">7.01%</font></p></td><td style="vertical-align:middle;width:56.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Dimensional is a large asset management company headquartered in Austin, Texas. Dimensional has been established for more than 40 years, with 13 offices and more than 1400 employees around the world. Dimensional focuses on mutual funds and manages a customer asset of more than USD650 billion. Dimensional&#8217;s customer base is mainly composed of institutions and other independent financial advisers.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.75%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:14.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">BlackRock Institutional Trust Company, N.A.</font></p></td><td style="vertical-align:middle;width:11.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2,482,352</font></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5.79%</font></p></td><td style="vertical-align:middle;width:56.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">BlackRock (NYSE: BLK) is the largest listed investment management group in the United States. Headquartered in New York, BlackRock serves its customers through its offices in the United States, Europe and Asia. BlackRock aims to help more and more people experience financial health. Its customer base includes pension plans, endowment funds, foundations, charities, insurance companies and other financial institutions, as well as individual investors around the world.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.75%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:14.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Wellington Management Group LLP</font></p></td><td style="vertical-align:middle;width:11.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2,098,281</font></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4.89%</font></p></td><td style="vertical-align:middle;width:56.61%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Wellington is a private partnership that manages about USD969 billion for customers and serves as an investment adviser of about 2,150 institutions in more than 55 countries. On November 16, 2019, Hurun Research Institute released the Top 100 Global Unicorn Index 2019, according to which Wellington ranked 29th. Wellington aims to meet the needs of customers. Wellington has more than 600 analysts around the</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">73</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:6.77%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.22%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.22%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:56.62%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:14.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:56.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">world with an average industry experience of 17 years. They use different analysis methods to predict the changes of public opinions of enterprises, securities, industries and investors, and provide customers with differentiated and profitable suggestions.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:14.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The Vanguard Group, Inc.</font></p></td><td style="vertical-align:middle;width:11.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1,959,470</font></p></td><td style="vertical-align:middle;width:11.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4.57%</font></p></td><td style="vertical-align:middle;width:56.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Founded in 1974, Vanguard is in a leading position in the fund industry, managing an asset of more than USD370 billion and providing services to more than 10 million people around the world. Vanguard is the only &#8220;fund company jointly owned by investors&#8221; approved by the SEC. Vanguard&#8217;s business mainly includes investor fund investment and provision of financial services.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.77%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:14.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Needham Investment Management LLC</font></p></td><td style="vertical-align:middle;width:11.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1,547,850</font></p></td><td style="vertical-align:middle;width:11.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3.61%</font></p></td><td style="vertical-align:middle;width:56.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Needham is a New York based financial consulting firm with full authority to supervise and manage all customer assets and provide services for investment companies and collective investment vehicles. Needham&#8217;s investment vehicles focus on tax saving, capital appreciation and value preservation, as well as seek higher than average growth with different styles of market value and growth rate as the goal.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, AXT established the Issuer formerly known as Beijing Tongmei, and gradually transferred production and R&amp;D to Chinese Mainland. AXT USA only retains overseas sales, overseas procurement and some application R&amp;D functions.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the evolution of AXT&#8217;s main business; (2) during the reporting period and before and after the asset restructuring, the distribution, changes and whereabouts of AXT&#8217;s original businesses, functions and</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">74</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">corresponding assets and personnel in AXT&#8217;s parent company, the Issuer and other subsidiaries, and the specific inheritance relationship between the Issuer and AXT in terms of business, assets and personnel; (3) the comparison of key financial indicators between the Company&#8217;s declaration statement and AXT&#8217;s financial statements disclosed in NASDAQ and the analysis of the reasons for the differences, which shall be presented in tabular form.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Evolution of AXT&#8217;s main business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Founded in December 1986, AXT has been engaged in the R&amp;D, production and sales of semiconductor substrates in the US since its establishment, and has established a semiconductor substrate production base in California. Its primary business evolves as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">75</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;"><img src="axti-20220418xex99d1023.jpg" alt="Graphic" style="display:inline-block;height:535.8pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:415.2pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As a whole, since its establishment, AXT has been engaged in R&amp;D, production and sales of semiconductor substrates; through gradual transfer of functions such as production, R&amp;D, sale and procurement, AXT is not engaged in specific business currently.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) During the reporting period and before and after the asset restructuring, the distribution, changes and whereabouts of AXT&#8217;s original businesses, functions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">76</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">and corresponding assets and personnel in AXT&#8217;s parent company, the Issuer and other subsidiaries, and the specific inheritance relationship between the Issuer and AXT in terms of business, assets and personnel</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period and before and after the asset restructuring, the distribution, changes and whereabouts of AXT&#8217;s original businesses, functions, corresponding assets and personnel in AXT&#8217;s parent company, the Issuer and other subsidiaries and participating companies are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;text-indent:4.5pt;margin:0pt;"><b style="font-weight:bold;">Level</b></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Entity</b></p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Distribution at the beginning</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">of the reporting period</b></p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Changes and whereabouts</b></p></td><td style="vertical-align:middle;width:25.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Current distribution</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">AXT&#8217;s parent company</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Responsible for overseas sales, procurement and some R&amp;D functions, owning a number of patents and trademarks and equipped with corresponding personnel</p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Overseas procurement, sales and R&amp;D functions, business orders and corresponding personnel are transferred to AXT-Tongmei, and the intellectual property rights such as patents and trademarks owned by it are licensed to the Issuer and its subsidiaries on a perpetual basis</p></td><td style="vertical-align:middle;width:25.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Not engaged in specific business, only some necessary personnel are retained to be responsible for information disclosure, investor relations and finance in the U.S. capital market, etc., and the intellectual property rights such as patents and trademarks have been licensed to the Issuer and its subsidiaries on a perpetual basis</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:12.51%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">The Issuer and controlling company</p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Beijing Tongmei, Baoding Tongmei, Chaoyang Tongmei</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Responsible for the R&amp;D, production and sales of indium phosphide, gallium arsenide and germanium substrates; owning a number of patents, workshops, production equipment and equipped with corresponding personnel</p></td><td rowspan="3" style="vertical-align:middle;width:22.54%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">No significant change</p></td><td rowspan="3" style="vertical-align:middle;width:25.47%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Basically consistent with the beginning of the reporting period</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Nanjing Jinmei, Chaoyang Jinmei</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Responsible for the R&amp;D, production and sales of high-purity metals and compounds, with a number of patents, plants, production equipment and corresponding personnel</p></td><td style="display:none;vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:25.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:12.51%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Beijing Boyu, Tianjin Boyu, Chaoyang Boyu</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Responsible for the R&amp;D, production and sales of PBN materials, owning a number of patents, plants, production equipment and equipped with </p></td><td style="display:none;vertical-align:middle;width:22.54%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:25.47%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">77</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:12.51%;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">corresponding personnel</p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:12.51%;border-left:1.5pt solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">AXT-Tongmei</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Not yet established</p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Inherit the original overseas procurement, sales and R&amp;D functions, business orders and corresponding personnel of AXT&#8217;s parent company</p></td><td style="vertical-align:middle;width:25.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Responsible for overseas sales, procurement and some application R&amp;D functions, and equipped with corresponding personnel</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Chaoyang Xinmei</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Not yet established</p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Newly established, to be engaged in the production and sales of high-purity arsenic</p></td><td style="vertical-align:middle;width:25.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">No actual business has been carried out</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Other controlling companies of AXT</p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Chaoyang Limei</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">No operation of material business</p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">No obvious change</p></td><td style="vertical-align:middle;width:25.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">No operation of material business, holding 45.97% of equities of Dongfang Hi-purity</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Maanshan Gallium</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">No operation of material business</p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">No obvious change</p></td><td style="vertical-align:middle;width:25.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">No operation of material business, undergoing cancellation</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Tandie Technologies, LLC</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Not yet established</p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">No operation of material business, holding 4 battery patents</p></td><td style="vertical-align:middle;width:25.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">No operation of material business, holding 4 battery patents</p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:12.51%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Participating companies of AXT</p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Beijing Jiya</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Engaged in production and sale of Gallium, operating independently and supported by relevant assets and personnel</p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">No obvious change</p></td><td style="vertical-align:middle;width:25.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Basically consistent with the beginning of the reporting period</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Jiamei Hi-purity</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Engaged in production and sale of high-purity arsenic, operating independently and supported by relevant assets and personnel</p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">No obvious change</p></td><td style="vertical-align:middle;width:25.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Basically consistent with the beginning of the reporting period</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Tongli Germanium</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Engaged in production and sale of high-purity arsenic, operating independently and supported by relevant assets and personnel</p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">No obvious change</p></td><td style="vertical-align:middle;width:25.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Basically consistent with the beginning of the reporting period</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:12.51%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 2.84pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Dongfang Hi-purity</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Engaged in production and sale of high-purity arsenic, operating independently and supported by relevant assets and personnel</p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 3.22pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">The Company transferred its 45.97% of equities of Dongfang Hi-purity to Chaoyang Limei in November 2021 </p></td><td style="vertical-align:middle;width:25.47%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.84pt 0pt 3.22pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Basically consistent with the beginning of the reporting period, except that the Issuer no longer purchases high-purity arsenic from Dongfang Hi-purity </p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer has a certain inheritance relationship with AXT in terms of business, assets and personnel, specifically as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Business</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In March 2021, AXT-Tongmei and AXT completed business and customer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">78</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">switching. AXT&#8217;s overseas sales, procurement, R&amp;D and other functions were undertaken by AXT-Tongmei. The original customer information related to AXT is transferred to AXT-Tongmei, and AXT-Tongmei signs contracts and orders with customers. AXT will no longer carry out sales business after fulfilling the sales contracts signed with customers before March 2021. In terms of procurement, since March 2021, the Issuer will sign procurement contracts or orders with suppliers through AXT-Tongmei for procurement demands.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Assets</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT license all its patents, technologies, trademarks and other intellectual property rights to the Issuer and its subsidiaries. In addition, AXT sublets its main business premises rented in the United States to AXT-Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Personnel</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT&#8217;s original overseas sales, procurement, R&amp;D and other personnel are undertaken by AXT-Tongmei together with the switching of business and customers. Except for some employees necessary to maintain AXT&#8217;s daily operation and listing status, other employees of AXT have been transferred to AXT-Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Except for the Issuer and controlling companies, other controlling companies and participating companies of AXT do not have any material change in relevant business, personnel and assets, and it continues to operate original business and maintain production.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The comparison of key financial indicators between the Company&#8217;s declaration statement and AXT&#8217;s financial statements disclosed in NASDAQ and the analysis of the reasons for the differences, which shall be presented in tabular form</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT, the controlling shareholder of the Company, is a NASDAQ listed company and the Company is a subsidiary within the scope of AXT&#8217;s consolidated statements. AXT is subject to the U.S. GAAP and makes financial information disclosure accordingly. The Company&#8217;s filing statements are subject to the PRC GAAP and makes financial information disclosure accordingly. If the financial data of the Company in this filing statement is directly compared with the consolidated financial statements of</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">79</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT in the corresponding period disclosed in NASDAQ, the main differences between the two are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 12pt 20pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Issuer</b></p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">AXT</b></p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Difference</b></p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Difference rate</b></p></td></tr><tr style="height:19.85pt;"><td colspan="5" style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Year 2021/End of 2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Operating income</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">85,734.52</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">88,664.14</p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-2,929.62</p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-3.42%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Net profit</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">9,403.45</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">10,653.78</p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-1,250.33</p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-13.30%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Total assets</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">197,898.70</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">211,954.40</p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-14,055.70</p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-7.10%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Net assets</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">142,791.86</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">178,666.87</p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-35,875.01</p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-25.12%</p></td></tr><tr style="height:19.85pt;"><td colspan="5" style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Year 2020/End of 2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Operating income</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">58,317.04</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">65,803.05</p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-7,486.01 </p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-12.84%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Net profit</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">6,027.42</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">3,478.49</p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">2,548.93 </p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">42.29%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Total assets</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">180,304.38</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">195,004.46</p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-14,700.08 </p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-8.15%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Net assets</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">97,181.93</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">166,732.07</p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-69,550.14 </p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-71.57%</p></td></tr><tr style="height:19.85pt;"><td colspan="5" style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Year 2019/End of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Operating income</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">46,222.68</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">57,380.04</p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-11,157.36 </p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-24.14%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Net profit</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-2,806.35</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-1,094.45</p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-1,711.90 </p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">61.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Total assets</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">133,621.60</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">155,812.73</p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-22,191.13 </p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-16.61%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.74%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Net assets</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">94,048.17</p></td><td style="vertical-align:middle;width:21.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">134,474.62</p></td><td style="vertical-align:middle;width:21.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-40,426.45 </p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-42.98%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: the original currency of the financial statements disclosed by AXT is US dollars, the operating income and net profit are translated into RMB according to the average exchange rate of the current year, and the total assets and net assets are translated into RMB according to the exchange rate at the end of the current year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT is a U.S. listed company. Its financial statements are prepared in accordance with the U.S. GAAP and the practices of Listed Companies in the same industry in the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">80</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">United States. The Company implements the PRC GAAP and formulates accounting policies with reference to the practices of Listed Companies in the same industry. Therefore, there are differences in accounting policies and preparation basis, resulting in differences in some accounting treatment and financial data. In addition, the main reasons for the large differences in the above financial indicators are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Year 2021</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main reasons for the difference in net profit in 2021 between the Company and AXT lie in: (1) before March 2021, AXT undertook overseas sales, completed the orders on hand and </font><font style="font-size:12pt;">made selling</font><font style="font-size:12pt;"> independently after purchasing products from the Issuer, </font><font style="font-size:12pt;">increasing</font><font style="font-size:12pt;"> the overall selling price</font><font style="font-size:12pt;"> and bringing</font><font style="font-size:12pt;"> a certain </font><font style="font-size:12pt;">space for </font><font style="font-size:12pt;">gross profit</font><font style="font-size:12pt;"> of </font><font style="font-size:12pt;">RMB20.4191 million; (2) the listing maintenance expenses, </font><font style="font-size:12pt;">attorney</font><font style="font-size:12pt;"> fees, intermediary fees, consulting fees, </font><font style="font-size:12pt;">personnel</font><font style="font-size:12pt;"> salaries, office expenses, leasing fees, taxes and other period expenses led to an increase of RMB30.7746 million in expenses in </font><font style="font-size:12pt;">the </font><font style="font-size:12pt;">consolidated statements </font><font style="font-size:12pt;">of AXT over those of</font><font style="font-size:12pt;"> the Company; (3) compared with the Company, the investment income of AXT for the corresponding period </font><font style="font-size:12pt;">was </font><font style="font-size:12pt;">RMB18.3612 million </font><font style="font-size:12pt;">higher </font><font style="font-size:12pt;">owing to its </font><font style="font-size:12pt;">equity investments</font><font style="font-size:12pt;"> in Beijing Jiya and other companies; (4) the difference in accounting estimates and policies between China and the United States led to the provisions made by the Company for various assets impairment losses being RMB5.0973 million higher than those made by AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The difference in net assets at the end of 2021 between the Company and AXT arose mainly because: (1) the amounts of relevant monetary funds obtained from its listing and financing in the United States, bank deposit certificates purchased and bonds invested by AXT in total were RMB156.7251 million higher than those of the Company.; (2) accounts payable to AXT and other payables by the Company, etc., totaled RMB138.223 million; and (3) due to its equity investment in Beijing Jiya and Dongfang Hi-purity, among others, AXT had its book value of long-term equity investment being RMB37.0619 million higher than that of the Company..</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Year 2020</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main reason for the difference in operating income in 2020 between the Company and AXT is that AXT assumed the function of overseas sales and made</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">81</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">selling independently after purchasing products from the Issuer, resulting in an increase in the overall selling price.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main reasons for the difference in net profit in 2020 between the Company and AXT are: (1) AXT undertook the function of overseas sales and made selling independently after purchasing products from the Issuer, increasing the overall selling price rendering a certain space for gross profit of RMB67.5509 million; (2) AXT&#8217;s expenses in the consolidated statements increased by RMB76.6173 million compared with the Company due to the listing maintenance expenses, attorney fees, intermediary fees, consulting fees, personnel salaries, office expenses, leasing fees, taxes and the like; (3) AXT had losses on its equity investment in Beijing Jiya, Jiamei Hi-purity and other companies, resulting in its investment incomes for the current period being RMB6.7296 million lower than those of the Company; (4) due to the difference in accounting policies between China and the United States, the government subsidies for the current period were recognized by AXT as profits or losses, while by the Company as deferred incomes, resulting in other incomes of AXT being RMB19.8613 million higher than those of the Company; (5) the difference in accounting estimates and policies between China and the United States led to the provisions made by the Company for various assets impairment losses being RMB7.1428 million lower than those made by AXT; (6) the Company readjusted the items of the original statements and recalculated the deferred income tax assets, resulting in the income tax expenses of the Company being RMB22.6583 million lower than those of AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main reasons for the difference in net assets at the end of 2020 between the Company and AXT are: (1) the Company sought RMB314.4738 million through financing activities at the end of 2020, the amount of which was available at the end of the year pending completion of the industrial and commercial change and other procedures, being recorded into other payables by the Company, while into equity items by AXT; (2) relevant monetary funds in the amount of RMB152.4979 million were obtained by AXT from its listing in the United States and the bank deposit certificates purchased and bonds invested thereby; (3) accounts payable to AXT and other payables by the Company at the end of 2020 totaled RMB219.0569 million; and (4) due to its</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">82</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">equity investment in Beijing Jiya and Dongfang Hi-purity, among others, AXT had its book value of long-term equity investment being RMB23.1895 million higher than that of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Year 2019</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main reason for the difference in operating income in 2019 between the Company and AXT is that AXT assumed the function of overseas sales and made selling independently after purchasing products from the Issuer, resulting in an increase in the overall selling price.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main reasons for the difference in net profit in 2019 between the Company and AXT are: (1) AXT undertook the function of overseas sales and made selling independently after purchasing products from the Issuer, increasing the overall selling price rendering a certain space for gross profit of RMB88.6161 million; (2) AXT&#8217;s expenses in the consolidated statements increased by RMB63.0653 million compared with the Company due to the listing maintenance expenses, attorney&#8217;s fees, intermediary fees, consulting fees, personnel salaries, office expenses, leasing fees, taxes and the like; (3) AXT had losses on its equity investment in Beijing Jiya and Tongli Germanium, etc., resulting in its investment incomes for the corresponding period being RMB15.4082 million lower than those of the Company; (4) the difference in accounting estimates and policies between China and the United States led to the provisions made by the Company for various assets impairment losses being RMB14.5235 million higher than those made by AXT; (5) the difference in accounting policies between China and the United States led to an increase of RMB10.4172 million in the Company&#8217;s non-operating revenue compared with AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main reasons for the difference in net assets at the end of 2019 between the Company and AXT lie in: (1) the relevant monetary funds obtained by AXT from the listing financing in the United States and the bank deposit certificates purchased and bonds invested thereby, with a total amount of RMB146.0617 million; (2) accounts payable to AXT and other payables by the Company at the end of 2019 totaling RMB180.6191 million; and (3) AXT having its book value of long-term equity investment being RMB25.0725 million higher than that of the Company due to its</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">83</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">equity investment in Beijing Jiya and Dongfang Hi-purity, among others.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the main reasons for the difference in revenue and net profit between the Company and AXT during the reporting period lie in: (1) AXT undertook the function of overseas sales, who set prices independently on the market with a certain margin; (2) AXT&#8217;s financing in the United States, maintaining its listing status and paying relevant expenses, among others, led to its higher period expenses in the consolidation scope; (3) the profit and loss of AXT on equity investment in relevant companies led to the difference in its investment incomes from the Company; (4) the difference in accounting estimates and policies between China and the United States affected relevant accounting treatment;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The difference in net assets between the Company and AXT during the reporting period is mainly due to: (1) the relevant monetary funds obtained from listing and financing in the United States, bank deposit certificates purchased and bonds invested by AXT; (2) the amount that remains unpaid from the Company to AXT; (3) AXT&#8217;s equity investment in other companies such as Beijing Jiya, as well as the difference in accounting policies between China and the United States.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions: 1) during the reporting period, the Issuer&#8217;s business extended to upstream PBN materials and high-purity materials; 2) some of AXT&#8217;s share-investment enterprises, including Beijing Jiya and Jiamei Hi-purity are mainly engaged in the production and sales of gallium and high-purity arsenic, which is the upstream extension of the Issuer&#8217;s semiconductor compound substrate business; 3) enterprises controlled by AXT include Chaoyang Limei, Maanshan Gallium and Tandie Technologies, LLC., which have no substantive business operation and have no competition with the Issuer; 4) the Issuer once held 45.97% equity of Dongfang Hi-purity, and the Issuer transferred its equity of Dongfang Hi-purity to Chaoyang Limei in November 2021.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the background and reasons of AXT&#8217;s</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">84</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">share investment in Beijing Jiya, Jiamei Hi-purity and other enterprises, The relationship between the business of the above enterprises and the main business of the Company</b><b style="font-size:12pt;font-weight:bold;">&#65292;</b><b style="font-size:12pt;font-weight:bold;">and whether there is a potential conflict of interest between the business of the above enterprises and the main business of the Company; (2) the current operation of Tandie Technologies, LLC, whether there is a plan for de-registration, and the de-registration progress of Maanshan Gallium; (3) the main business and operating performance of Dongfang Hi-purity, the background and reasons for transferring the equity of Dongfang Hi-purity to AXT before filing, and whether Dongfang Hi-purity commits any violations.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The background and reasons of AXT&#8217;s share investment in Beijing Jiya, Jiamei Hi-purity and other enterprises, The relationship between the business of the above enterprises and the main business of the Company, and whether there is a potential conflict of interest between the business of the above enterprises and the main business of the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company focuses on the R&amp;D, production and sales of indium phosphide, gallium arsenide and germanium substrate materials, PBN materials and high-purity materials, and mainly realizes revenue and profits by selling related products to downstream epitaxy manufacturers, foundry manufacturers, chip and device manufacturers, scientific research institutes and other customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In order to ensure the stable supply of raw materials in the upstream substrate production, the Company and its controlling shareholder AXT actively seek expansion to the upstream business and deepen the cooperation with raw material suppliers by way of equity investment including AXT&#8217;s investing in Beijing Jiya and Jiamei Hi-purity in 1999 and 2001 respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Beijing Jiya mainly produces and sells gallium. Its headquarters is located in Beijing, and its production base is set up in the plant area of Shanxi Aluminum Factory in Hejin City, Shanxi Province. The production process is to efficiently extract gallium</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">85</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">from the Alumina Bayer Process Solution, with purity levels of 4N and 5N; its main customers are compound semiconductor material enterprises, photoelectric material manufacturers, magnetic material manufacturers and other material manufacturers. At present, the commercial extraction of gallium is mainly extracted from alumina mother solution. Therefore, the production bases of domestic gallium manufacturers cooperate closely with nearby aluminum factories, and the shareholders of gallium manufacturers will operate aluminum factory generally, such as Beijing Jiya, Xing&#8217;an Gallium, Tiandong Jinxin Gallium, Pinglu Youying Gallium and other enterprises. Therefore, gallium is essentially a by-product of aluminum factories, providing basic raw materials for material enterprises in specific industries. At present, the high-purity gallium produced by the Company is mainly purified and extracted from metal gallium, mainly having a purity level of 6N and 7N. Jiamei Hi-purity&#8217;s main product is high-purity arsenic, which is one of the raw materials of the Company&#8217;s main product gallium arsenide substrate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In December 2020, in order to solve horizontal competition and integrate business resources, AXT and the Company carried out asset restructuring, with the Company acquiring 100% equity in Beijing Boyu, Baoding Tongmei, Chaoyang Tongmei, Nanjing Jinmei and Chaoyang Jinmei. Following such restructuring, raw material suppliers such as Beijing Boyu and Chaoyang Jinmei have been incorporated into the Company&#8217;s system for PBN crucible, high-purity gallium and other raw materials that are hard to be supplied in China with high technical difficulty and high added value, who at present can not only be self-sufficient but also have remaining production capacity for external sales thereby bringing revenue and profits to the Company. For other important raw materials that can be stably supplied in China, the Company continues to improve its cooperation with Beijing Jiya, Jiamei Hi-purity and other suppliers by means of equity investment from AXT, so as to ensure the stable supply of raw materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, Beijing Jiya and Jiamei Hi-purity and the Company are of an upstream-downstream relation. All parties operate independently and make independent decisions. There is no potential conflict of interest on the part of the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">86</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Company by AXT&#8217;s equity investment in the above two companies.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The current operation of Tandie Technologies, LLC, whether there is a plan for de-registration, and the de-registration progress of Maanshan Gallium</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Tandie currently has no actual production and operation and only holds four patents, specifically as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:24.75pt;"><td style="vertical-align:middle;width:8.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:32.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Patent name</b></p></td><td style="vertical-align:middle;width:12.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Patentee</b></p></td><td style="vertical-align:middle;width:12.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Place of registration</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Application/Patent No.</b></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Patent status</b></p></td></tr><tr style="height:28.15pt;"><td style="vertical-align:middle;width:8.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:32.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#38750;&#27700;&#31995;&#20108;&#27425;&#38651;&#27744;</font></p></td><td style="vertical-align:middle;width:12.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Tandie</font></p></td><td style="vertical-align:middle;width:12.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Japan</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">JP5156826</font></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Authorized</font></p></td></tr><tr style="height:28.15pt;"><td style="vertical-align:middle;width:8.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:32.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#38750;&#27700;&#20108;&#27425;&#30005;&#27744;</font></p></td><td style="vertical-align:middle;width:12.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Tandie</font></p></td><td style="vertical-align:middle;width:12.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">China</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2009801146313</font></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Authorized</font></p></td></tr><tr style="height:28.15pt;"><td style="vertical-align:middle;width:8.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:32.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">NONAQUEOUS SECONDARY BATTERY</font></p></td><td style="vertical-align:middle;width:12.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Tandie</font></p></td><td style="vertical-align:middle;width:12.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">U.S.A</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">US8669010</font></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Authorized</font></p></td></tr><tr style="height:28.15pt;"><td style="vertical-align:middle;width:8.18%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:32.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">NONAQUEOUS SECONDARY BATTERY</font></p></td><td style="vertical-align:middle;width:12.47%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Tandie</font></p></td><td style="vertical-align:middle;width:12.49%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">U.S.A</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.07%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">US8431267</font></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Authorized</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As mentioned in the above table, the four patents held by Tandie are patents related to battery technology acquired from others having nothing to do with the Company&#8217;s main business. According to AXT&#8217;s confirmation, Tandie has no plan for de-registration at present.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On March 10, 2022, Ma&#8217;anshan Taxation Bureau of the State Taxation Administration issued the Tax Clearance Certificate (Ma Shui Er Shui Qi Qing [2022] No. 6655), confirming that all tax matters of Maanshan Gallium have been settled. As of the date hereof, the de-registration of Maanshan Gallium is in progress.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The main business and operating performance of Dongfang Hi-purity, the background and reasons for transferring the equity of Dongfang Hi-purity to AXT before filing, and whether Dongfang Hi-purity commits any violations.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Main business and operating performance of Dongfang Hi-purity, and background and reasons for transferring equity in Dongfang Hi-purity to AXT before filing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main business of Dongfang Hi-purity is to produce and sell Hi-purity arsenic.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">87</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Its main product Hi-purity arsenic is one of the main raw materials for the production of gallium arsenide substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The operating performance of Dongfang Hi-purity from the beginning of the reporting period to the transfer of its equity is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.34%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">January - October 2021</b></p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:22.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.34%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Total assets</font></p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,897.46</font></p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,730.58</font></p></td><td style="vertical-align:middle;width:22.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,457.16</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.34%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Operating income</font></p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">965.89</font></p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,429.00</font></p></td><td style="vertical-align:middle;width:22.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">868.24</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.34%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Net profit</font></p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">164.86</font></p></td><td style="vertical-align:middle;width:22.54%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">289.60</font></p></td><td style="vertical-align:middle;width:22.56%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">45.09</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: the above data has not been audited.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As the high-purity arsenic produced and sold by Dongfang Hi-purity is one of the raw materials of the Company&#8217;s main product gallium arsenide substrates, in order to ensure the stability of the Company&#8217;s raw material supply, the Company made share investment in Dongfang Hi-purity in June 2011. In November 2021, the Company transferred its 45.97% equities of Dongfang Hi-purity to AXT&#8217;s controlling subsidiary Chaoyang Limei. The background and reason of such equity transfer are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Due to the expiration of the safety production license held by Dongfang Hi-purity, the new license is under processing and there is great uncertainty of obtaining the new license based on interview with Li Bo, the actual controller of Dongfang Hi-purity, since it involves long-term and complicated formalities of examination and approval. Since June 2021, the Company no longer purchased products from it, and decided to transfer its 45.97% equities to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Currently, the Company mainly purchases high-purity arsenic from foreign suppliers such as AMALGAMET CANADA LP and YONEDA CORPORATION. The parties have cooperated for many years and there is no dispute or potential dispute over any supply. In addition, Jiamei Hi-purity resumed production and supplied to the Company, so the stability of supply of high-purity arsenic to the Company can be guaranteed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">88</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) The Company established controlling subsidiary Chaoyang Xinmei in February 2021, which is mainly engaged in production and marketing of high-purity arsenic. Currently, Chaoyang Xinmei is applying for issuance of project construction and safe production permit; in future, it can supply high-purity arsenic to the Company regularly.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company employs a third-party institution to evaluate 45.97% of the shareholders</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;"> equity of Dongfang Hi-purity involved in the proposed equity transfer by using the asset-based method, and to issue an asset evaluation report, which indicates that the transfer price is fair. The Company signed the Equity Transfer Agreement with Chaoyang Limei, a subsidiary of AXT, on November 19, 2021. The Company transferred the equity of Dongfang Hi-purity to Chaoyang Limei through negotiation based on the appraisal price, and completed the industrial and commercial change registration procedures on November 24, 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether Dongfang Hi-purity commits any violations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the supporting documents issued by Donghai County Market Regulation Administration, Donghai County Taxation Bureau of the State Taxation Administration, Lianyungang Donghai Ecology and Environment Bureau, Donghai County Emergency Management Bureau, Donghai County Human Resources and Social Security Bureau, Donghai County Industry and Information Bureau, Shuangdian Police Station of Donghai County Public Security Bureau, Shuangdian Town Natural Resources Office of Donghai County Natural Resources and Planning Bureau, and other government departments, as well as through public online search and interview with the general manager of Dongfang Hi-purity, it is confirmed that Dongfang Hi-purity is not subject to administrative punishment by such government departments due to violations of laws and regulations during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3.4</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus: 1) AXT holds 58.2096% equity of Beijing Jiya, and the board of directors of Beijing Jiya is composed of five directors, including</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">89</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">two appointed by AXT; 2) AXT believes that it has no control over Beijing Jiya and does not include it into its consolidated statements. The Issuer is required to explain: (1) the main business of Beijing Jiya and its relationship with the main business of the Company; (2) whether AXT actually controls Beijing Jiya combined with the equity structure, governance structure and Articles of Association of Beijing Jiya and the role of AXT in its production and operation process.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Beijing Jiya&#8217;s main business and its relationship with the Company&#8217;s main business;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the relationship between Beijing Jiya&#8217;s main business and the Company&#8217;s main business, see &#8220;3.3. I. (I). The background and reasons of AXT&#8217;s share investment in Beijing Jiya, Jiamei Hi-purity and other enterprises, and whether there is a potential conflict of interest between the business of the above enterprises and the main business of the Company&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Whether AXT actually controls Beijing Jiya combined with the equity structure, governance structure and Articles of Association of Beijing Jiya and the role of AXT in its production and operation process</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Articles of Association of Beijing Jiya, the current registered capital of Beijing Jiya is USD6.7 million, of which AXT contributes USD3.90004 million, accounting for 58.2096% of the registered capital. As of the date of this Reply, the equity structure of Beijing Jiya is as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:29.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Partner name</b></p></td><td style="vertical-align:middle;width:35.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Terms for cooperation</b></p></td><td style="vertical-align:middle;width:24.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Shareholding ratio, risk and loss bearing ratio</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.25%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:29.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Chinalco Shanxi </font><font style="font-size:10.5pt;"><br></font><font style="font-size:10.5pt;">Aluminum Co., Ltd.</font></p></td><td style="vertical-align:middle;width:35.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Provide Bayer Process Solution as raw material for the </font></p></td><td style="vertical-align:middle;width:24.81%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">40%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">90</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:35.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">production of gallium and US $0.7 million</font></p></td><td style="vertical-align:middle;width:24.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:29.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:35.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">US $3.90004 million</font></p></td><td style="vertical-align:middle;width:24.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">39%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:29.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Hamerni Overseas Co., Ltd.</font></p></td><td style="vertical-align:middle;width:35.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">US $1 million</font></p></td><td style="vertical-align:middle;width:24.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">10%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:29.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Chengxin Real Estate Co., Ltd.</font></p></td><td style="vertical-align:middle;width:35.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">US $1.09996 million</font></p></td><td style="vertical-align:middle;width:24.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11%</font></p></td></tr><tr style="height:19.85pt;"><td colspan="3" style="vertical-align:middle;width:75.17%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:24.81%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Established on December 7, 1999, Beijing Jiya is a Sino-foreign cooperative enterprise, with its highest authority being the board of directors composed of five directors, of whom two are appointed by Chinalco Shanxi Aluminum Co., Ltd., two appointed by AXT, and one jointly appointed by Hamerni Overseas Co., Ltd. and Chengxin Real Estate Co., Ltd.. In terms of operation and management, Beijing Jiya implements the general manager accountability system under the leadership of the board of directors, with one general manager, two deputy general managers and one chief financial officer. The general manager and one deputy general manager are recommended by Chinalco Shanxi Aluminum Co., Ltd., one deputy general manager is jointly recommended by Hamerni Overseas Co., Ltd. and Chengxin Real Estate Co., Ltd., and the chief financial officer is recommended by AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, AXT&#8217;s shareholding ratio, risk and loss bearing ratio in Beijing Jiya is 39%, and AXT is not the largest partner of Beijing Jiya; AXT holds 2 out of the 5 seats on the board of directors, and therefore cannot decide the resolutions of the board of directors; at the management level, AXT only has the right to recommend the chief financial officer, not the general manager and deputy general manager, and therefore has no significant impact on the production and operation of Beijing Jiya. In addition, according to documents publicly disclosed by AXT, Beijing Jiya is not a subsidiary listed into AXT&#8217;s consolidated statements. Therefore, AXT does not actually control Beijing Jiya.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">91</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q4. Technological Advancement and Current State of Industry Development</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">4.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus, 1) the Issuer, a semiconductor material enterprise, mainly engages in InP substrates, GaAs substrates, Germanium substrates, and so on, the market size of which is &#160;small, among which, the global market size of InP substrates and GaAs substrates are estimated to reach USD202 million and USD348 million, respectively; 2) the Issuer&#39;s market shares in InP substrate and GaAs substrate are 36% and 13%, respectively, ranking the second and fourth globally; 3) the industry where the Issuer works in is seeking bigger substrate size, longer single crystal and higher substrate performance indicator; (4) There is no strict substitutional relation among semiconductor materials; instead, different materials have their respective advantages in specific application scenarios.. However, there is a risk of GaAs substrates being replaced by SOI (silicon on insulator) in RF devices and other applications.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the application areas and scenarios of different types (generations) of semiconductor materials. If there is an overlap, please explain the competitive advantages, disadvantages and future development trend according to the requirements of the overlapping areas and scenarios on the functional features of semiconductor materials and the features of the Company&#8217;s products; (2) with reference to the actual use of the Company&#8217;s customers, please explain the main downstream products or main application fields corresponding to gallium arsenide and indium phosphide; the application or development trend of other materials that have the same or similar functions as gallium arsenide and indium phosphide in the above downstream gallium arsenide or application fields; the competitive advantages and disadvantages of gallium arsenide and indium phosphide compared with such materials, and the impact of such materials on the competitiveness and future development space of gallium arsenide and indium phosphide; and (3) indicate the Company&#8217;s R&amp;D and mass production in terms of large-size substrates and the length in long single crystals, the comparison with</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">92</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">major competitors in terms of key performance indicators such as dislocation density, resistivity uniformity, flatness, surface granularity, and the impact on the Company&#8217;s market competitiveness.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) If there is an overlap in the application areas and scenarios of different types (generations) of semiconductor materials, please explain the competitive advantages, disadvantages and future development trends based on the requirements of the overlapping areas and scenarios on the functional features of semiconductor materials and the features of the Company&#8217;s products.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Introduction to the application areas and scenarios of different types (generations) of semiconductor materials</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Main features, application areas and scenarios of different semiconductor materials are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:9.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="4" style="vertical-align:middle;width:26.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Single-element semiconductor material</p></td><td colspan="3" style="vertical-align:middle;width:35.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">III-V compound semiconductor material</p></td><td colspan="2" style="vertical-align:middle;width:28.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">wide-band gap semiconductor material</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:9.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:12.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Silicon</b></p></td><td colspan="2" style="vertical-align:middle;width:13.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Germanium</b></p></td><td colspan="2" style="vertical-align:middle;width:14.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gallium arsenide</b></p></td><td style="vertical-align:middle;width:21.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Indium&#160;phosphide</b></p></td><td style="vertical-align:middle;width:13.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gallium nitride</b></p></td><td style="vertical-align:middle;width:14.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Silicon carbide</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Molecular formula</p></td><td colspan="2" style="vertical-align:middle;width:12.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Si</p></td><td colspan="2" style="vertical-align:middle;width:13.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Ge</p></td><td colspan="2" style="vertical-align:middle;width:14.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">GaAs</p></td><td style="vertical-align:middle;width:21.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">lnP</p></td><td style="vertical-align:middle;width:13.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">GaN</p></td><td style="vertical-align:middle;width:14.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">SiC</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Feature</p></td><td colspan="2" style="vertical-align:middle;width:12.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Large reserves, cheap</p></td><td colspan="2" style="vertical-align:middle;width:13.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">High electron mobility and hole mobility</p></td><td colspan="2" style="vertical-align:middle;width:14.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Good photoelectric performance, heat resistance, radiation resistance</p></td><td style="vertical-align:middle;width:21.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Good thermal conductivity, high photoelectric conversion efficiency, high optical fiber transmission efficiency</p></td><td colspan="2" style="vertical-align:middle;width:28.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">High frequency, high temperature resistance, high power</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Application</p></td><td colspan="2" style="vertical-align:middle;width:12.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Advanced Process Chip</p></td><td colspan="2" style="vertical-align:middle;width:13.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Space satellite</p></td><td colspan="2" style="vertical-align:middle;width:14.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">LED, Display, RF Module</p></td><td style="vertical-align:middle;width:21.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Optical Communication</p></td><td style="vertical-align:middle;width:13.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Charger, high-speed rail</p></td><td style="vertical-align:middle;width:14.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Electric car</p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:10.1%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Partial main applications</p></td><td colspan="2" style="vertical-align:middle;width:12.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">CPU</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><img src="axti-20220418xex99d1024.jpg" alt="Graphic" style="display:inline-block;height:26.4pt;left:0%;padding-bottom:0.6pt;position:relative;top:0pt;width:39.6pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><img src="axti-20220418xex99d1025.jpg" alt="Graphic" style="display:inline-block;height:29.95pt;left:0%;padding-bottom:0.05pt;position:relative;top:0pt;width:42pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Memory</p></td><td colspan="2" style="vertical-align:middle;width:13.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Space satellite solar panel<img src="axti-20220418xex99d1026.jpg" alt="Graphic" style="display:inline-block;height:29.35pt;left:0%;padding-bottom:0.65pt;position:relative;top:0pt;width:58.15pt;"></p></td><td style="vertical-align:middle;width:14.31%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Mobile phone, computer RF device <img src="axti-20220418xex99d1027.jpg" alt="Graphic" style="display:inline-block;height:26.7pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:45pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">New era display</p></td><td style="vertical-align:middle;width:21.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">5G base station optical module</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><img src="axti-20220418xex99d1028.jpg" alt="Graphic" style="display:inline-block;height:25.55pt;left:0%;padding-bottom:1.45pt;position:relative;top:0pt;width:41.4pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Data center optical module</p></td><td style="vertical-align:middle;width:13.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Fast charging chip</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><img src="axti-20220418xex99d1029.jpg" alt="Graphic" style="display:inline-block;height:49.2pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:51.05pt;"></p></td><td style="vertical-align:middle;width:14.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">New energy vehicle</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><img src="axti-20220418xex99d1030.jpg" alt="Graphic" style="display:inline-block;height:31.5pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:51.6pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Charging station</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">93</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:8.43%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:12.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:14%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:21.38%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:14.08%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:8.43%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:12.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><img src="axti-20220418xex99d1031.jpg" alt="Graphic" style="display:inline-block;height:38.15pt;left:0%;padding-bottom:0.85pt;position:relative;top:0pt;width:51.6pt;"></p></td><td style="vertical-align:top;width:14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><img src="axti-20220418xex99d1032.jpg" alt="Graphic" style="display:inline-block;height:26.4pt;left:0%;padding-bottom:0.6pt;position:relative;top:0pt;width:56.85pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Face recognition<br><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><img src="axti-20220418xex99d1033.jpg" alt="Graphic" style="display:inline-block;height:29.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:54pt;"><br><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">High Power <br>Semiconductor <br>Laser<br><img src="axti-20220418xex99d1034.jpg" alt="Graphic" style="display:inline-block;height:35.3pt;left:0%;padding-bottom:0.7pt;position:relative;top:0pt;width:61.3pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.38%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><img src="axti-20220418xex99d1035.jpg" alt="Graphic" style="display:inline-block;height:27.75pt;left:0%;padding-bottom:0.75pt;position:relative;top:0pt;width:46.2pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Lidar<br><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><img src="axti-20220418xex99d1036.jpg" alt="Graphic" style="display:inline-block;height:24.2pt;left:0%;padding-bottom:1.3pt;position:relative;top:0pt;width:39.6pt;"><br><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Wearable Device<br><img src="axti-20220418xex99d1037.jpg" alt="Graphic" style="display:inline-block;height:58.6pt;left:0%;padding-bottom:1.4pt;position:relative;top:0pt;width:49.4pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.08%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">High-speed rail chip<img src="axti-20220418xex99d1038.jpg" alt="Graphic" style="display:inline-block;height:37.2pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:59.15pt;"> </p></td><td style="vertical-align:top;width:14.6%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><img src="axti-20220418xex99d1039.jpg" alt="Graphic" style="display:inline-block;height:39.35pt;left:0%;padding-bottom:1.15pt;position:relative;top:0pt;width:61.8pt;"></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Single-element semiconductor materials, III-V compound semiconductor materials and wide-band gap semiconductor materials are known as the first generation, the second generation and the third generation semiconductor materials according to their chronological order of appearance. Different semiconductor materials have different characteristics and uses. At present, the downstream application fields of silicon, germanium, gallium arsenide, indium phosphide, silicon carbide and gallium nitride have low overlap with each other. As such, there is no intergenerational iterative relationship between different semiconductor materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Single-element semiconductor silicon is the most widely used semiconductor material at present. Due to the rich reserves of silicon elements, mature technology and industrial supporting facilities as well as relatively low cost, more than 90% of chips and devices, including the most common CPU, GPU and other logic and storage chips, are made of silicon materials. Under the influence of Moore&#8217;s law, silicon-based chips keep developing towards more advanced processes, manifested in smaller process nodes, such as 14nm, 7nm and 3nm, as well as more complex structures, such as 128-layer and 192-layer 3D NAND. In the generic scenarios with the requirements that can be met by the performance of silicon-based chips, it is generally difficult for silicon materials to be replaced by other materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">However, in special scenarios with the requirements that go beyond the performance of silicon-based semiconductors, such as high frequency, luminescence, high power, high voltage and other application scenarios, III-V compound semiconductor materials and wide-band gap semiconductor materials, among others,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">94</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">are needed, the market demand of which increases with the growth of their existing downstream application markets and the emergence of new application scenarios, with the increase mainly from the incremental markets, rather than alternative markets for silicon and other semiconductor materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In recent years, wide-band gap semiconductor materials witness a high market and investment heat, mainly driven by the broad incremental markets of electric vehicle power devices and charging pile power devices with the rapid development of new energy vehicle industry. Wide-band gap semiconductor materials, although they appeared later than III-V compound semiconductor materials, have been used in industry for more than 30 years, which are not an upgrade and iteration of III-V compound semiconductor materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The growth of market demand for 5G, new generation displays, data centers, driverless vehicles, mobile phone face recognition and wearable devices, etc., has broadened the demand for III-V compound semiconductor materials, leading to a certain future market growth for such materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Introduction to the overlapping areas and scenarios of different types of semiconductor materials</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">It can be seen from the above that the main application scenarios of different semiconductor materials, while being wide and varying from each other, have some overlaps in certain fields, mainly in the fields of mobile communication RF and LED, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Mobile communication RF</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Different types of semiconductor materials can all be used in RF devices for mobile communication, but the frequency bands of the corresponding devices are different. Gallium arsenide RF devices can be used with working frequency of up to &#160;8Ghz, and suitable for 4G and 5G mobile communication devices. SOI RF devices are mainly used within 3.5Ghz of working frequency, and suitable for 2G, 3G and 4G mobile communication devices and communication base stations. Gallium nitride RF devices, while being used within 40GHz of working frequency, have a high requirement for power density, and are thus mainly applied in communication base stations.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">95</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In view of the above, at present, different semiconductor materials have different applications in the field of mobile communication. Gallium arsenide and silicon on insulator (SOI) RF devices are mainly used in mobile devices, and gallium nitride RF devices are mainly used in communication base stations, both of which are complementary rather than competitive with each other as to their applications in the field of mobile communication.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) LED</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The III-V compound semiconductor material gallium arsenide and the wide-band gap semiconductor material gallium nitride are both used in LEDs. Gallium arsenide mainly transmits red, yellow and infrared light while gallium nitride mainly sends out blue, green and ultraviolet light. The light colors of photoelectric devices made from both semiconductor materials are different, which can be used together in LED display scenes, showing complementation rather than competition or replacement relationship between them.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;"><img src="axti-20220418xex99d1040.jpg" alt="Graphic" style="display:inline-block;height:178.2pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:374.4pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. Competitive advantages and disadvantages as well as future development trend of III-V compound semiconductor material products</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) The competitive advantages and disadvantages of III-V compound semiconductor material products</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Competitive advantages</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Different types of semiconductor materials mentioned above have their own characteristics and comparative advantages in specific application scenarios, without absolute substitutability. In addition to the above overlapping application scenarios, in potential new application scenarios in the future, compared with other semiconductor</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">96</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">materials, III-V compound semiconductor materials have such competitive advantages as are mainly embodied in the following aspects:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">First, compared with silicon materials, as direct band gap materials, gallium arsenide and indium phosphide have higher luminance and electron mobility and can better adapt to the environment of high temperature, high voltage and high radiation, which can, therefore, be applied to the fields such as 5G RF devices, LED light-emitting devices, laser devices and optical communication laser devices where silicon materials cannot be applied;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Second, compared with silicon carbide and gallium nitride, gallium arsenide and indium phosphide have higher luminous efficiency, and thus are more suitable for commercial applications in the fields of high-end displays and low-power small devices. Additionally, gallium arsenide has a comparatively mature industry chain with a low production cost of downstream devices, which fits better for large-scale commercial applications;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d1041.jpg" alt="Graphic" style="display:inline-block;height:177.6pt;width:318.6pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Source from: Orient Securities Institute</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Competitive disadvantages</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In potential new application scenarios in the future, compared with other types of semiconductor materials, III-V compound semiconductor materials have such competitive disadvantages as are mainly reflected in the following aspects:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Compared with silicon materials, III-V compound semiconductor materials usually have a high price given the high technical difficulty in the production of GaAs</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">97</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">and InP substrates, and are in a supporting industrial chain pending mature, rendering it difficult for them to compete with silicon materials in the application scenarios if the requirements can be met by the performance of the latter;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Compared with wide-band gap semiconductor materials, III-V compound semiconductor materials have a poorer band gap necessitating their use at a higher power, making it less competitive on this regard.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Future development trend of III-V compound semiconductor materials</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Technology development trend and opportunities of III-V compound semiconductor materials</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">InP substrate and GaAs substrate are both moving toward larger sizes, lower defect densities, and higher surface quality. In years to come, 8-inch GaAs substrate and 6-inch InP substrate will have increasing supply and market demand so as to further enhance the efficiency of chip preparation, promote chip performance consistency, reduce the costs of chip preparation, and also bring new demand and increment to the markets of indium phosphide and GaAs substrate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Currently, the semiconductor industry in the world is moving to mainland China. With the semiconductor industry moving to mainland China, mainland China, as the world&#8217;s largest semiconductor end-use market, will attract more domestic and foreign semiconductor enterprises to establish factories, which will further promote the overall development level of the domestic compound semiconductor industry chain. The supporting environment of compound semiconductor industry chain in mainland China is expected to enhance significantly in the future, with continuous expansion in the market share.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Market space brought by development of downstream industry of III-V compound semiconductor materials</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main market of downstream applications of indium&#160;phosphide substrate includes 5G base station, data center, Lidar and wearable device.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">With the rapid growth of 5G network and data center traffic, the market demand for higher-speed optical modules continues to increase. As scenarios such as data</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">98</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">centers and core backbone networks enter the era of 400GHz and higher rates, the rate of laser chips required for a single channel is increasing accordingly. The demand for indium phosphide substrates, an essential basic raw material for optical modules, will also continue to grow.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The application field of lidar is also expanding. In addition to the field of unmanned driving, including advanced assisted driving, it will bring a broader market for lidar. As an important raw material in lidar chips, indium phosphide substrates will also bring new opportunity for business growth.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After iWatch was invented, major manufacturers have followed suit. Wearable devices will continue to improve people&#8217;s lifestyles such as sports, health, leisure and entertainment. The market now generally expects that the growth space of wearable devices will exceed that of mobile phones and tablets; wearable devices faces broad development prospect, and it will also bring significant demand for indium phosphide substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main markets for downstream applications of gallium arsenide substrates include radio frequency devices, LEDs, VCSEL facial recognition, and high-power semiconductor lasers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Currently, GaAs RF devices are mainly used in mobile phones, which directly determine the wireless communication distance and signal quality of mobile terminals and base stations. With the popularization of 5G, 5G smartphones and various forms of 5G terminal products continue to develop and increase. The shipment of 5G mobile phones and other 5G terminal products continues to increase, and the growing demand for mobile phones and mobile terminals also provides an important market guarantee for gallium arsenide substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">GaAs substrate is the basic material of red LED light-emitting devices. LEDs can be divided into conventional LEDs, Mini LEDs, Micro LEDs and other types based on chip size. Conventional LEDs are mainly applied in general lighting, outdoor large displays, etc. Mini LEDs and Micro LED are applied to a new generation of display. Benefiting from technological innovation and science progress, the application scenarios of display technology are constantly enriched, and the market space is</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">99</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">constantly expanding. The industry will experience long-term rapid development, greatly driving the growth of GaAs substrate market.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Gallium arsenide substrate is the basic material of VCSEL laser. VCSEL is the basic sensor of 3D sensing technology. With the development of 5G communication technology and artificial intelligence technology, and benefiting from the wide application of IoT sensing technology, it has broad application prospect in emerging fields such as biometrics, smart driving, robotics, smart home, smart TV, smart security, 3D modeling, face recognition and VR/ARs, which will provide new market growth points for gallium arsenide substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Currently, the laser industry is developing rapidly around the world. With the development of global intelligence, the demand for lasers in smart devices, consumer electronics, new energy and other fields continues to grow, as well as the continuous expansion of emerging application fields such as medical and beauty equipment, the size of global laser market will continue to maintain stable growth, and will also bring a significant driving effect to the GaAs substrate market.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As a whole, indium phosphide substrate, as the basic material for optical module chips and laser sensor chips, and gallium arsenide substrate, as the basic material for LED red pixel light-emitting chips, radio frequency devices and laser chips, are irreplaceable. According to the statistics of professional market research institutions, the main downstream application markets of indium phosphide and gallium arsenide substrates have been relatively prosperous in the past five years, and the strong demand for downstream applications will also drive the market of indium phosphide and gallium arsenide substrates to grow rapidly.</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Downstream application market</b></p></td><td style="vertical-align:middle;width:18.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">CAGR</b></p></td><td style="vertical-align:middle;width:24.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Expected market size in 2020</b></p></td><td style="vertical-align:middle;width:22.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Expected market size in 2025</b></p></td><td style="vertical-align:middle;width:14.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Data source</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">5G base station (involving optical module)</p></td><td style="vertical-align:middle;width:18.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">7.15%</p></td><td style="vertical-align:middle;width:24.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">About USD 3.965 billion</p></td><td style="vertical-align:middle;width:22.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">USD 5.6 billion</p></td><td style="vertical-align:middle;width:14.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Yole</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.8%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Data center (involving optical module)</p></td><td style="vertical-align:middle;width:18.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">20.26%</p></td><td style="vertical-align:middle;width:24.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">About USD 4.810 billion</p></td><td style="vertical-align:middle;width:22.59%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">USD 12.1 billion</p></td><td style="vertical-align:middle;width:14.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Yole</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">100</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:18.79%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.79%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:24.84%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:22.6%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.96%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Vehicle lidar</p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">68.33%</p></td><td style="vertical-align:middle;width:24.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">About USD 600 million</p></td><td style="vertical-align:middle;width:22.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">USD 8.11 billion</p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Frost &amp; Sullivan</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Wearable device</p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">29.26%</p></td><td style="vertical-align:middle;width:24.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">USD 69 billion</p></td><td style="vertical-align:middle;width:22.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">USD 249 billion</p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">IDC</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">RF device (involving gallium arsenide) </p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">8.83%</p></td><td style="vertical-align:middle;width:24.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">About USD 5.851 billion</p></td><td style="vertical-align:middle;width:22.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">USD 25 billion</p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Yole</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">LED</p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">17.30%</p></td><td style="vertical-align:middle;width:24.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">About USD 81 billion</p></td><td style="vertical-align:middle;width:22.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Exceeding USD 180 billion</p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">GGII</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">VCSEL facial recognition</p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">19.67%</p></td><td style="vertical-align:middle;width:24.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">About USD 1.1 billion</p></td><td style="vertical-align:middle;width:22.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">USD 2.7 billion</p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Yole</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">High Power Semiconductor Laser</p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">9.65%</p></td><td style="vertical-align:middle;width:24.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">USD 1.78 billion</p></td><td style="vertical-align:middle;width:22.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">USD 2.821 billion</p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Strategies Unlimited</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.79%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">23.59%</b></p></td><td style="vertical-align:middle;width:24.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">About USD 168.168 billion</b></p></td><td style="vertical-align:middle;width:22.6%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Exceeding USD 485 billion</b></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) Future development trend of GaAs substrate</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Doing well out of the strong demand for RF devices and optoelectronic devices in LED and mobile communication RF, GaAs substrate is expected to maintain high growth in the sales in the near future. Currently, the downstream application market of GaAs substrate mainly includes RF and LED. According to Yole&#8217;s estimation, the global market size of downstream RF devices of GaAs substrate will reach 25 billion USD in 2025. The global market size of downstream LED devices will exceed 180 billion USD according to GGII data, with a very broad downstream market space of GaAs substrate. For specific applications, the rapid penetration of Mini LED, Micro LED, 5G cell phones, and VCSEL visual recognition will significantly pull GaAs substrate market to a higher level.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In the LED display field, Mini LED and Micro LED chips used in new generation display are sub-millimeter and micron levels, which require high technology for GaAs substrate. Therefore, new opportunities will be offered for gallium arsenide application with the popularity of Mini LED and Micro LED. Based on Yole&#8217;s forecast, the demand for GaAs substrate by Mini LED and Micro LED devices is in a rapid growth. The global market sales of GaAs substrate (equivalent to two inches) for Mini LED and Micro LED devices will increase from 2.0790 million pieces in 2019 to 6.138 million</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">101</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">pieces in 2025, with a compound annual growth rate of 19.77%. In 2019, the global market size of GaAs substrate for Mini LED and Micro LED devices was about USD17 million. The global market size of the GaAs substrate is expected to reach USD70 million by 2025, with a compound annual growth rate of 26.60%. At present, lead enterprises of Mini LED chips have basically completed the investment layout in Mini LED.</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr><td style="vertical-align:top;width:25.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Enterprise Names</b></p></td><td style="vertical-align:top;width:74.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Mini LED&#8217;s layout</b></p></td></tr><tr><td style="vertical-align:middle;width:25.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">San&#8217;an Optoelectronics</font></p></td><td style="vertical-align:top;width:74.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">It achieved mass production of Mini LED chip in 2018, and started batch supply in 2019.</font></p></td></tr><tr><td style="vertical-align:middle;width:25.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">HC Semitek </font></p></td><td style="vertical-align:top;width:74.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">It achieved mass production and sales of Mini LED chip products in 2019. Its Mini LED products use industry-leading flip chip structure and LED chip substrate transfer technology, with high-volume shipment capacity in Mini LED backlight chip products.</font></p></td></tr><tr><td style="vertical-align:middle;width:25.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Changelight</font></p></td><td style="vertical-align:top;width:74.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Currently, it has completed the Mini LED technology reserves and sold products. In 2021, its shipments are small because the traditional field orders were full and company capacity was insufficient. There was no new production capacity layout in Mini LED. As the fixed increase lands, equity investment projects will have 60% of the production capacity for Mini LED. This area is expected to have a larger performance explosion in 2022.</font></p></td></tr><tr><td style="vertical-align:middle;width:25.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Focus Lightings </font></p></td><td style="vertical-align:top;width:74.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The high-bandwidth gallium nitride-based optical visible communication chips jointly developed with Institute of Semiconductors, CAS is progressing well. With the newly purchased MOCVD equipment and chip process equipment in place, the mass production of new products is expected. It has a stable customer base, with stable product specifications and full production and full sales. With the production of the fundraising project, Mini LED production capacity will render a release period, and its Mini LED will achieve sales in a relatively short period of time.</font></p></td></tr><tr><td style="vertical-align:middle;width:25.19%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AMG</font></p></td><td style="vertical-align:top;width:74.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Currently, the group&#39;s production capacity is divided into three main value capacities, namely, red light, Mini LED and traditional blue light, with the highest gold content being red light and Mini LED. The demand for IT products by its subsidiary of Jingdian in the fourth quarter reached 45%. Its total revenue Mini LED of Jingdian accounted for 40%, which is equivalent to 30% of AMG&#39;s revenue share. Mini LED is expected to have a very robust growth in the two products of TV</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">102</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:25.2%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:74.79%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:middle;width:25.2%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:74.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">and display screens in 2022. Moreover, it will still follow the original schedule of expansion. The estimated production capacity is expected to reach 1.5 million pieces for four-inch products by the end of 2022.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Source from: Announcement of each company</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In the RF field, gallium arsenide will still dominate the market of 5G smartphone PA (RF power amplifier). According to Yole&#8217;s statistical forecast, the RF device market alone accounted for 30.15% of the total overall gallium arsenide semiconductor market in 2021, and contributed 32.50% of the output value. According to the statistics of Orient Securities Institute, each cell phone needs to use 7 PAs on average in 4G era. As 5G has added new frequency bands, new high frequency bands will be needed in the future. 5G needs to continue to be compatible with 4G, 3G and 2G standards. Therefore, 5G cell phones will need more PAs, up to 16 PAs. The average of PAs is expected to be more than 10. RF devices based on gallium arsenide are expected to further promote the penetration rate of mobile terminals in the 5G era.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In terms of 3D sensors, with Apple&#8217;s launch of iPhoneX with integrated face recognition structured light front camera in 2017, Apple commercialized 3D sensors (vertical-cavity surface-emitting laser, VCSEL) in cell phones. Huawei, OPPO, ViVO, Xiaomi, Samsung and other cell phone manufacturers are subsequently expected to gradually equip 3D sensors (vertical-cavity surface-emitting laser, VCSEL) in cell phones. Cell phones are only one of the application scenarios of VCSEL. With the development of intelligent driving, automotive LiDAR is expected to provide a new growth space for GaAs substrates. According to McKinsey &amp; Company, automobiles achieve the annual production volume that will reach 115 million units by 2030, of which 15% will achieve advanced autonomous driving and 45% will achieve low-level autonomous driving. In 2019, the global sales in GaAs substrate (equivalent to two-inch) of VCSEL devices are about 938,900 pieces, and are expected to grow to 2,993,200 pieces by 2025, with a compound annual growth rate of 21.32%. The global market size of GaAs substrate of VCSEL devices is about USD21 million in 2019. The global market size of GaAs substrate is expected to exceed USD56 million by 2025, with a compound annual growth rate of 17.76%.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4) Future development trend of InP substrate</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The rapid development of 5G communication, big data and cloud computing will bring new opportunities. According to Yole&#8217;s estimation, the market size of the downstream devices of InP substrate will exceed USD17 billion in 2025. Driven by</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">103</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">market demand and the continued favorable policies such as &#8220;East Digital and West Computation&#8221;, the downstream market of InP substrate will still have a sound development trend. 5G communications, big data and cloud computing are inseparable from the optical modules. InP substrate is a key semiconductor material for lasers and receivers of optical module components. Therefore, the construction for 5G base stations and data centers demonstrates a great growth point of the market of InP substrate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In the field of optical communications, the use of optical modules for 5G base stations is significantly higher than that of 4G base stations, with the large-scale rollout of 5G base station construction, will greatly drive the growth of demand for optical modules. According to Yole&#8217;s statistics, InP substrate (equivalent to two inches) of optical module devices is expected to sell more than 1 million pieces globally by 2026. The period from 2019 to 2026 witnesses a compound annual growth rate of 13.94%. The global market size of InP substrate of optical module devices is expected to USD157 million in 2026, with a compound annual growth rate of 13.94% from 2019 to 2026. In addition, the biggest advantage of indium phosphide is that it has higher power density than gallium arsenide. RF devices made of indium phosphide are more effective than gallium arsenide RF devices in the 5G millimeter wave band and B5G (Beyond 5G) sub-terahertz (THz) band. In the future, indium phosphide is expected to become the upstream base material for communication RF devices in the 6G era.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In the field of data centers, with the popularity of mobile Internet in recent years, data traffic is growing rapidly, driving the booming of cloud computing industry, stimulating the growth of demand in data center, and driving the growth of demand for data centers&#8217; optical modules. According to Yole&#8217;s statistics, the global market size of optical modules of data centers will rise from USD4 billion in 2019 to USD12.1 billion in 2025, with a growth at a compound annual growth rate of 20% from 2019 to 2025.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Moreover, indium phosphide, as a basic raw material for the Digital Infrastructure Mega Project &#8216;East-West Data Migration&#8217;, will also have more market growth space. On February 17, 2022, NDRC, Cyberspace Administration of Office, Ministry of Industry and Information Technology of PRC, and National Energy Administration jointly issued a notice, agreeing to build 8 national computing hubs in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, the Chengdu-Chongqing economic circle, north China&#8217;s Inner Mongolia Autonomous Region, southwest China&#39;s Guizhou Province, northwest</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">104</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">China&#39;s Gansu Province and Ningxia Hui Autonomous Region, and approve plans on 10 national data center clusters, indicating a strategy is in full swing to channel more computing resources from the eastern areas to the less developed western regions . The 8 computing hubs will promote data circulation and value transfer from the eastern areas to the less developed western regions, and facilitate the shift of data center-related industries from east to west. These 10 national data center clusters will be responsible for the development of the large and super-large data centers of the 8 computing hubs. The Project &#8216;East-West Data Migration&#8217; will promote the further construction of China&#39;s data centers, which in turn will lead to huge demand and growth space for upstream InP substrate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) with reference to the actual use of the Company&#8217;s customers, please explain the main downstream products or main application fields corresponding to gallium arsenide and indium phosphide; the application or development trend of other materials that have the same or similar functions as gallium arsenide and indium phosphide in the above downstream gallium arsenide or application fields; the competitive advantages and disadvantages of gallium arsenide and indium phosphide compared with such materials, and the impact of such materials on the competitiveness and future development space of gallium arsenide and indium phosphide;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The main downstream product or main application fields corresponding to gallium arsenide and indium phosphide</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main downstream products and main application fields corresponding to the Company&#8217;s major customers are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.88%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-weight:bold;">Name of major customers</b></p></td><td style="vertical-align:middle;width:20.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-weight:bold;">Required substrate</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">materials</b></p></td><td style="vertical-align:middle;width:28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-weight:bold;">Main downstream </b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">products</b></p></td><td style="vertical-align:middle;width:21.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-weight:bold;">Main downstream</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">application fields</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.88%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Customer A, Landmark Optoelectronics, Win Semiconductor, Customer C,</p></td><td style="vertical-align:middle;width:20.26%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Indium phosphide, gallium arsenide</p></td><td style="vertical-align:middle;width:28%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Optical module laser transmitter, Optical module laser receiver</p></td><td style="vertical-align:middle;width:21.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">5G, data center, fiber optic communications</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">105</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.88%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">IQE, Broadcom, Qorvo, Skyworks</p></td><td style="vertical-align:middle;width:20.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:21.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.88%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Osram, Broadcom, Epistar, San&#8217;an Optoelectronics</p></td><td style="vertical-align:middle;width:20.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Gallium arsenide</p></td><td style="vertical-align:middle;width:28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Light emitting diode device</p></td><td style="vertical-align:middle;width:21.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">New generation display (including Mini LED and Micro LED)</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.88%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Customer A, Landmark Optoelectronics, Win Semiconductor, Visual Photonics Epitaxy, Customer C, Meta</p></td><td style="vertical-align:middle;width:20.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Gallium arsenide, indium phosphide</p></td><td style="vertical-align:middle;width:28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Power amplifier devices, Vertical-Cavity Surface-Emitting Laser (VCSEL), optical sensor components, etc.</p></td><td style="vertical-align:middle;width:21.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Artificial intelligence, unmanned driving</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.88%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Masimo, Alta Devices</p></td><td style="vertical-align:middle;width:20.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Gallium arsenide, indium phosphide</p></td><td style="vertical-align:middle;width:28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Laser sensor, light emitting diode device, oscilloscope</p></td><td style="vertical-align:middle;width:21.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Wearable device</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.88%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">IPG, Trumpf, nLight Photonics, Excelitas, Everbright Photonics</p></td><td style="vertical-align:middle;width:20.26%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Gallium arsenide, indium phosphide</p></td><td style="vertical-align:middle;width:28%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">High power semiconductor laser</p></td><td style="vertical-align:middle;width:21.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Industrial laser</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Application or development trend of other materials that have the same or similar functions as gallium arsenide and indium phosphide, the competitive advantages and disadvantages of gallium arsenide and indium phosphide compared with such materials, and the impact of such materials on the competitiveness and future development space of gallium arsenide and indium phosphide</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">It is difficult for devices manufactured based on conventional silicon materials to guarantee the linearity and stability of integrated circuits in special environments and applications. Therefore, compound semiconductor materials such as gallium arsenide and indium phosphide are required. Other materials with the same or similar functions as gallium arsenide and indium phosphide also include gallium nitride and silicon on</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">106</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">insulator.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Application and development trend of gallium nitride</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Gallium nitride pertains to wide-bandgap semiconductor material. Wide-bandgap semiconductor material represented by silicon carbide, gallium nitride, has the advantages of large bandgap width, high breakdown electric field, high thermal conductivity, high electron saturation rate and strong radio resistance ability compared with other types of semiconductor materials. Therefore, wide-bandgap semiconductor material is widely used in RF, power devices and other fields because of its excellent performance to adapt to high voltage, high frequency and high temperature environment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At present, silicon-based materials are still the main materials for the production of semiconductor chips and devices around the world. Wide-bandgap semiconductor material, represented by silicon carbide and gallium nitride, is rapidly rising because of its advantages with the advent of the Internet of Things and the 5G era. Wide-bandgap semiconductor material has become an important part of the &quot;new infrastructure&quot; strategy of China, and the Outline of the 14th Five-Year Plan includes &quot;the development of gallium nitride such as silicon carbide and wide-bandgap semiconductor&quot; as key support areas. The wide-bandgap semiconductor material device market has large growth space in China, benefiting from the industry development and policy environment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Application or development trend of SOI</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">SOI has the advantages of small parasitic capacitance, small short channel effect, high integration density, high speed, low power consumption and simple process. Over the recent years, SOI silicon wafers, driven by the terminal markets such as 5G communications, Internet of Things, artificial intelligence and automotive electronics, with the ecosystem gradually improved, have been widely used in the manufacturing of integrated circuit chips such as RF front-end chips, sensor, power devices and silicon photonic devices through the in-depth cooperation and research and development of</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">107</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">upstream and downstream enterprises in industry chain. Among them, radio frequency is the most widely used.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The global sales of SOI market increased from USD537 million to USD915 million from 2017 to 2019, with a compound annual growth rate of 50.55%, according to SEMI statistics. The production process of SOI is more complex as a special silicon-based material, the cost is higher, and the application field is more professional. Only a few enterprises in the world, such as Soitec, Shin-Etsu Chemical, GlobalWafers, SUMCO and NSIG, have the ability to produce SOI. On the demand side, the current production and marketing scale of SOI substrates in China is still relatively small since there are not many enterprises with SOI chip production capacity in Chinese chip manufacturing field.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Other materials that play the same or similar functions as gallium arsenide and indium phosphide mainly include gallium nitride and SOI. For more information on the competitive advantages and disadvantages of gallium arsenide and indium phosphide compared with such materials, and their impact on gallium arsenide, indium phosphide competitiveness and future development space, please refer to Q &#8220;I. (I) The application fields and application scenarios of different types (generations) of semiconductor materials. If there is an overlap, please explain the competitive advantages, disadvantages and future development trend according to the requirements of the overlapping areas and scenarios on the functional features of semiconductor materials and the features of the Company&#8217;s products;&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The Company&#8217;s R&amp;D and mass production in terms of large-size substrates and the length of long single crystals, and the comparison with major competitors in terms of key performance indicators such as dislocation density, resistivity uniformity, flatness and surface granularity, and the impact on the Company&#8217;s market competitiveness.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The core technical parameters of gallium arsenide and InP substrate product include resistivity, resistivity uniformity, carrier concentration, electron mobility,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">108</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">dislocation density, thickness, total thickness fluctuation, warpage and surface granularity. The specific meanings of the above technical parameters are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">109</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:29.03%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:41.98%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:28.98%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="color:#333333;font-weight:bold;">Name</b></p></td><td style="vertical-align:middle;width:41.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="color:#333333;font-weight:bold;">Meaning</b></p></td><td style="vertical-align:middle;width:28.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="color:#333333;font-weight:bold;">Criteria for judging merits and demerits</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Resistivity</p></td><td style="vertical-align:middle;width:41.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Physical quantities reflecting the conductivity of materials</font></p></td><td style="vertical-align:middle;width:28.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Low resistivity and good conductivity, high resistivity and poor conductivity</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Resistivity uniformity</font></p></td><td style="vertical-align:middle;width:41.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The uniformity of resistivity measured at 25 points across the wafer surface (resistivity maximum-average)/average is multiplied by 100%</font></p></td><td style="vertical-align:middle;width:28.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The lower the resistivity uniformity, the better the performance</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Carrier concentration</font></p></td><td style="vertical-align:middle;width:41.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The amount of charge that can move freely per unit volume</font></p></td><td style="vertical-align:middle;width:28.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The higher the carrier concentration, the better the conductivity</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Electron mobility</font></p></td><td style="vertical-align:middle;width:41.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Directional drift velocity of electrons under unit external electric field</font></p></td><td style="vertical-align:middle;width:28.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The higher the electron mobility, the better the performance</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Dislocation density</font></p></td><td style="vertical-align:middle;width:41.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">It refers to the number of dislocation lines passing through a unit cross-sectional area</font></p></td><td style="vertical-align:middle;width:28.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The lower the dislocation density, the better the performance</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Thickness</font></p></td><td style="vertical-align:middle;width:41.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Normally the thickness of the central region of the product of the corresponding wafer</font></p></td><td style="vertical-align:middle;width:28.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Total thickness fluctuation value</p></td><td style="vertical-align:middle;width:41.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;">The difference between the maximum and minimum height measured on the front side under the condition of complete vacuum adsorption on the back side of the wafer</p></td><td style="vertical-align:middle;width:28.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The lower the total thickness fluctuation, the better the performance</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.03%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Warpage</p></td><td style="vertical-align:middle;width:41.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;">The positive measurement can be carried out to obtain the sum of the absolute values of the </p></td><td style="vertical-align:middle;width:28.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The lower the warp, the better the performance</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">110</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:29.1%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:41.79%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:29.1%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:41.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;">maximum value and the minimum value relative to the reference focal plane when the wafer is naturally placed on the reference plane</p></td><td style="vertical-align:middle;width:29.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.1%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Surface granularity</p></td><td style="vertical-align:middle;width:41.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;">The total number of particles larger than a certain threshold on the whole wafer surface measured in ultra-clean environment</p></td><td style="vertical-align:middle;width:29.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The lower the surface granularity, the better the performance</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">111</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At present, the processing technology of 8-inch gallium arsenide single crystal and 6-inch indium phosphide in single-crystal growth and crystal has been developed, with small batch production capacity, and large-size substrate products of the Company have passed the certification of some downstream customers. According to the public information of each competitor, the current progress of the preparation of large-size substrates of each company is as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.2%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sumitomo</b></p></td><td style="vertical-align:middle;width:25.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Japan JX</b></p></td><td style="vertical-align:middle;width:28.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Beijing Tongmei</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.2%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6-inch InP substrate</font></p></td><td style="vertical-align:middle;width:20.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Has production capacity</font></p></td><td style="vertical-align:middle;width:25.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No production capacity</font></p></td><td style="vertical-align:middle;width:28.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Capable of small batch production</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.2%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sumitomo</b></p></td><td style="vertical-align:middle;width:25.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Freiberger</b></p></td><td style="vertical-align:middle;width:28.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Beijing Tongmei</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.2%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">8-inch GaAs substrate</font></p></td><td style="vertical-align:middle;width:20.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Has production capacity</font></p></td><td style="vertical-align:middle;width:25.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Has production capacity</font></p></td><td style="vertical-align:middle;width:28.73%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Capable of small batch production</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: The progress of large-size substrate production capacity of each company is based on the announcement on the official website of each company; Sumitomo and Freiberger have not disclosed their mass production stage.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The replacement cycle of production lines and equipment in the semiconductor industry is long, so the mainstream products purchased by downstream epitaxy and OEMs are still mainly 4- and 6-inch gallium arsenide substrates and 3- and 4-inch indium phosphide substrates.The key performance indicators of the Company&#8217;s main product are compared with those of its main competitors as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. 6-inch semi-insulated gallium arsenide</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Parameter</b></p></td><td style="vertical-align:middle;width:21.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sumitomo</b></p></td><td style="vertical-align:middle;width:22.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Freiberger</b></p></td><td style="vertical-align:middle;width:22.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Beijing Tongmei</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Resistivity &#937;.cm</font></p></td><td style="vertical-align:middle;width:21.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8805;8&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">7</sup></p></td><td style="vertical-align:middle;width:22.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">(1.0-8.0)&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">8</sup></p></td><td style="vertical-align:middle;width:22.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8805;1&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">8</sup></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Resistivity uniformity</font></p></td><td style="vertical-align:middle;width:21.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:22.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:22.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&lt;150%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Electron mobility </font><font style="font-size:10.5pt;">cm</font><sup style="font-size:7.87pt;vertical-align:top;">2</sup><font style="font-size:10.5pt;">/v.s</font></p></td><td style="vertical-align:middle;width:21.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8805;3000</font></p></td><td style="vertical-align:middle;width:22.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8805;4500</font></p></td><td style="vertical-align:middle;width:22.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8805;5000</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Dislocation density cm</font><sup style="font-size:7.87pt;vertical-align:top;">-2</sup></p></td><td style="vertical-align:middle;width:21.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10000</font></p></td><td style="vertical-align:middle;width:22.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10000</font></p></td><td style="vertical-align:middle;width:22.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">1500-5000</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Thickness um</font></p></td><td style="vertical-align:middle;width:21.9%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">675&#177;25/550&#177;25</font></p></td><td style="vertical-align:middle;width:22.02%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">675&#177;25/550&#177;25</font></p></td><td style="vertical-align:middle;width:22.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">675&#177;25/550&#177;25</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">112</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Total thickness fluctuation (P/P) um</font></p></td><td style="vertical-align:middle;width:21.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;5</font></p></td><td style="vertical-align:middle;width:22.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;5</font></p></td><td style="vertical-align:middle;width:22.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;4</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Total thickness fluctuation (P/E)</font></p></td><td style="vertical-align:middle;width:21.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:22.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:22.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Warpage um</font></p></td><td style="vertical-align:middle;width:21.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10</font></p></td><td style="vertical-align:middle;width:22.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10</font></p></td><td style="vertical-align:middle;width:22.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Surface granularity</font></p></td><td style="vertical-align:middle;width:21.9%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&lt;100@&gt;0.4um</font></p></td><td style="vertical-align:middle;width:22.02%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&lt;100@&gt;0.3um</font></p></td><td style="vertical-align:middle;width:22.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">&lt;80@&gt;0.3um</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. 4-inch semiconductor gallium arsenide</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Parameter</b></p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sumitomo</b></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Freiberger</b></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Beijing Tongmei</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Carrier concentration cm</font><sup style="font-size:7.87pt;vertical-align:top;">-3</sup></p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">(0.7-4)&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">18</sup></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">(0.8-3.0)&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">18</sup></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">(0.8-4.0)&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">18</sup></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Electron mobility</font><font style="font-size:10.5pt;"> cm</font><sup style="font-size:7.87pt;vertical-align:top;">2</sup><font style="font-size:10.5pt;">/v.s</font></p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">(1.2-3)&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">3</sup></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8805;1500</font></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">(1-2.5)&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">3</sup></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Average dislocation density cm</font><sup style="font-size:7.87pt;vertical-align:top;">-2</sup></p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;5&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">2</sup></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">100-500</font></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">100-500</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Thickness um</font></p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">625&#177;25</font></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">625&#177;25</font></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">625&#177;25</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Total thickness fluctuation (P/P) um</font></p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;5</font></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;4</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Total thickness fluctuation (P/E) um</font></p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10</font></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Warpage um</font></p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10</font></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;7</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.23%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Surface granularity</font></p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">&lt;50@&gt;0.3um</p></td><td style="vertical-align:middle;width:21.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">&lt;40@&gt;0.3um</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. 4-inch semi-insulating indium phosphide</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Parameter</b></p></td><td style="vertical-align:middle;width:18.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sumitomo</b></p></td><td style="vertical-align:middle;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Japan JX</b></p></td><td style="vertical-align:middle;width:22.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Beijing Tongmei</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Resistivity &#937;.cm</font></p></td><td style="vertical-align:middle;width:18.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8805;1&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">7</sup></p></td><td style="vertical-align:middle;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8805;1&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">6</sup></p></td><td style="vertical-align:middle;width:22.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8805;0.5&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">7</sup></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Electron mobility </font><font style="font-size:10.5pt;">cm</font><sup style="font-size:7.87pt;vertical-align:top;">2</sup><font style="font-size:10.5pt;">/v.s</font></p></td><td style="vertical-align:middle;width:18.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8805;2&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">3</sup></p></td><td style="vertical-align:middle;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:22.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8805;1000</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Average dislocation density cm</font><sup style="font-size:7.87pt;vertical-align:top;">-2</sup></p></td><td style="vertical-align:middle;width:18.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;5&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">3</sup></p></td><td style="vertical-align:middle;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;5&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">4</sup></p></td><td style="vertical-align:middle;width:22.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">1500-5000</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Thickness um</font></p></td><td style="vertical-align:middle;width:18.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">625&#177;25</font></p></td><td style="vertical-align:middle;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">625&#177;20</font></p></td><td style="vertical-align:middle;width:22.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">350&#177;25/625&#177;25</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Total thickness fluctuation (P/P) um</font></p></td><td style="vertical-align:middle;width:18.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;5</font></p></td><td style="vertical-align:middle;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;8</font></p></td><td style="vertical-align:middle;width:22.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;5</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Warpage um</font></p></td><td style="vertical-align:middle;width:18.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10</font></p></td><td style="vertical-align:middle;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;15</font></p></td><td style="vertical-align:middle;width:22.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.47%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Surface granularity</font></p></td><td style="vertical-align:middle;width:18.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&lt;30@&gt;1.2um</font><sup style="font-size:7.87pt;vertical-align:top;">2</sup></p></td><td style="vertical-align:middle;width:16.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:22.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">&lt;50@&gt;0.3um</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">4. 3-inch semiconductor indium phosphide</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.04%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Parameter</b></p></td><td style="vertical-align:middle;width:22.35%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sumitomo</b></p></td><td style="vertical-align:middle;width:21.09%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Japan JX</b></p></td><td style="vertical-align:middle;width:33.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Beijing Tongmei</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">113</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.04%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Carrier concentration cm</font><sup style="font-size:7.87pt;vertical-align:top;">-3</sup></p></td><td style="vertical-align:middle;width:22.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">(2-8)&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">18</sup></p></td><td style="vertical-align:middle;width:21.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">(2-10)&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">18</sup></p></td><td style="vertical-align:middle;width:33.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">(0.8-8)&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">18</sup></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.04%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Electron mobility </font><font style="font-size:10.5pt;">cm</font><sup style="font-size:7.87pt;vertical-align:top;">2</sup><font style="font-size:10.5pt;">/v.s</font></p></td><td style="vertical-align:middle;width:22.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">(1-2)&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">3</sup></p></td><td style="vertical-align:middle;width:21.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:33.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">(1-2.5)&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">3</sup></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.04%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Average dislocation density cm</font><sup style="font-size:7.87pt;vertical-align:top;">-2</sup></p></td><td style="vertical-align:middle;width:22.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#8806;</font><font style="font-size:10.5pt;">5</font><font style="font-family:'SimSun';font-size:10.5pt;">&#215;</font><font style="font-size:10.5pt;">10</font><sup style="font-size:7.87pt;vertical-align:top;">3</sup></p></td><td style="vertical-align:middle;width:21.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;5&#215;10</font><sup style="font-size:7.87pt;vertical-align:top;">3</sup></p></td><td style="vertical-align:middle;width:33.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">100-500</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.04%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Thickness um</font></p></td><td style="vertical-align:middle;width:22.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">600&#177;15</font></p></td><td style="vertical-align:middle;width:21.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">620&#177;20</font></p></td><td style="vertical-align:middle;width:33.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">500&#177;15</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.04%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Total thickness fluctuation (P/P) um</font></p></td><td style="vertical-align:middle;width:22.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;6</font></p></td><td style="vertical-align:middle;width:21.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804; 5</font></p></td><td style="vertical-align:middle;width:33.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;5</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.04%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Total thickness fluctuation (P/E) um</font></p></td><td style="vertical-align:middle;width:22.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;8</font></p></td><td style="vertical-align:middle;width:21.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;8</font></p></td><td style="vertical-align:middle;width:33.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.04%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Warpage um</font></p></td><td style="vertical-align:middle;width:22.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10</font></p></td><td style="vertical-align:middle;width:21.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804; 10</font></p></td><td style="vertical-align:middle;width:33.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&#8804;10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.04%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Surface granularity</font></p></td><td style="vertical-align:middle;width:22.35%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">&lt;30@&gt;1.2um</font><sup style="font-size:7.87pt;vertical-align:top;">2</sup></p></td><td style="vertical-align:middle;width:21.09%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:33.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">&lt;30@&gt;0.3um</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Source from: Official website of each company</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The product of the Company is known for low dislocation density and high flatness (the lower the total thickness fluctuation and warpage, the higher the flatness and the better the performance) comparing the technical parameters of product publicly disclosed by Sumitomo, Freiberger, Japan JX and other enterprises, while the other technical parameters of products are equivalent to those of products from the main international competitors, and are generally at the international leading level.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company filled the market gap and effectively met the needs of downstream customers by researching and developing large-size InP substrate and GaAs substrate products. In addition, the Company has continuously improved the growth length of large-diameter single crystals, effectively reduced production costs, improved crystal growing efficiency and greatly improved the Company&#8217;s market competitiveness through further process optimization of single-crystal growth equipment, PBN crucible and production process control.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">4.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is principally engaged in R&amp;D, production and sales in InP substrate, GaAs substrate, germanium substrate, PBN materials and high-purity materials, according to the Prospectus.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) Whether the Company&#8217;s technical</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">114</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">products can be classified as within the industry fields supported and encouraged by the national science and technology innovation strategy, according to the specific requirements of the national high-tech industry and strategic emerging industry planning and policy documents; (2) Explain the concrete embodiment and basis of the advancement of the technology and products, outstanding scientific and technological innovation ability or outstanding transformation ability of the Company, in the light of Question 4.1.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Whether the Company&#8217;s technical products can be classified as within the industry fields supported and encouraged by the national science and technology innovation strategy, according to the specific requirements of the national high-tech industry and strategic emerging industry planning and policy documents;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company is mainly engaged in the research, development, production and sales of indium phosphide, gallium arsenide, germanium substrate materials, PBN materials and high-purity gallium, and works in the compound semiconductor material manufacturing industry under semiconductor integrated circuit industry. The semiconductor industry and compound semiconductor material industry receive support from the government of China. The policies and documents issued by the State Council, the Ministry of Industry and Information Technology, the National Development and Reform Commission and other competent authorities to support semi-conductor materials are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:12.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Issuing time</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:16.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Issued by</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:20.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Policy name</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:42.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Main contents</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:12.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">December</font><font style="font-size:10.5pt;"><br></font><font style="font-size:10.5pt;">2021</font></p></td><td style="vertical-align:middle;width:16.32%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Central Cyber Security and Informatization Committee</font></p></td><td style="vertical-align:middle;width:20.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The 14th Five-Year Plan for National Informatization</font></p></td><td style="vertical-align:middle;width:42.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Strengthen strategic research layout and technological integration innovation on key frontier fields such as AI, quantum information, integrated circuits, aerospace information, brain-like computing, neural chips, DNA storage, brain-computer interfaces, digital twins, </font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">115</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:8.27%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.32%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.53%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:42.72%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:16.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:42.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">new non-volatile storage, silicon-based optoelectronics, and </font><b style="font-size:10.5pt;font-weight:bold;">non-silicon-based semiconductors</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">August</font><font style="font-size:10.5pt;"><br></font><font style="font-size:10.5pt;">2020</font></p></td><td style="vertical-align:middle;width:16.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The State Council</font></p></td><td style="vertical-align:middle;width:20.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Several Policies to Promote the High-Quality Development of the Integrated Circuit Industry and Software Industry in the New Era</font></p></td><td style="vertical-align:middle;width:42.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Focus on the research and development of key core technologies such as high-end chips, integrated circuit equipment and process technology, and </font><b style="font-size:10.5pt;font-weight:bold;">key materials of integrated circuits</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">December</font><font style="font-size:10.5pt;"><br></font><font style="font-size:10.5pt;">2019</font></p></td><td style="vertical-align:middle;width:16.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MIIT</font></p></td><td style="vertical-align:middle;width:20.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Catalog of Key New Materials for First Application Demonstration and Guidance (Version 2019)</font></p></td><td style="vertical-align:middle;width:42.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Listed 32 </font><b style="font-size:10.5pt;font-weight:bold;">advanced semiconductor materials</b><font style="font-size:10.5pt;"> and </font><b style="font-size:10.5pt;font-weight:bold;">new display materials </b><font style="font-size:10.5pt;">into the Catalog</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">October</font><font style="font-size:10.5pt;"><br></font><font style="font-size:10.5pt;">2019</font></p></td><td style="vertical-align:middle;width:16.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">NDRC</font></p></td><td style="vertical-align:middle;width:20.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Catalog for Industrial Structure Adjustment Guidance (Version 2019)</font></p></td><td style="vertical-align:middle;width:42.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Materials</b><font style="font-size:10.5pt;"> used in electronic products such as semiconductors, optoelectronic devices, and new electronic components are listed as encouraged categories</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November</font><font style="font-size:10.5pt;"><br></font><font style="font-size:10.5pt;">2017</font></p></td><td style="vertical-align:middle;width:16.32%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">NDRC</font></p></td><td style="vertical-align:middle;width:20.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Encouraging Imported Technologies and Products (Version 2017)</font></p></td><td style="vertical-align:middle;width:42.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">List silicon single crystals and polished wafers with a diameter of more than 200mm, Czochralski materials with a diameter of more than 125mm or horizontal growth </font><b style="font-size:10.5pt;font-weight:bold;">compound semiconductor materials</b><font style="font-size:10.5pt;"> with a diameter of more than 50mm as key industries to encourage development</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The specific conditions in the planning and policy documents of national high-tech industries and strategic emerging industries, such as the catalogue of strategic emerging industries, which correspond to the Company&#8217;s technical products, are shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">116</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:14.2pt;"><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="color:#333333;font-weight:bold;">Standard of classification</b></p></td><td style="vertical-align:middle;width:13.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="color:#333333;font-weight:bold;">Items</b></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="color:#333333;font-weight:bold;">Industrial classification</b></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="color:#333333;font-weight:bold;">Detailed classification</b></p></td><td style="vertical-align:middle;width:13.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="color:#333333;font-weight:bold;">Key product and services</b></p></td><td style="vertical-align:middle;width:31.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="color:#333333;font-weight:bold;">Company situation</b></p></td></tr><tr style="height:14.2pt;"><td rowspan="2" style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Catalogue of Key product and Service Guidance for Strategic Emerging Industries (2016 Edition) (issued by </font>NDRC)</p></td><td style="vertical-align:middle;width:13.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Compound semiconductor substrate materials</font></p></td><td rowspan="2" style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">New material industry</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">6.1.4 High purity elements and compounds</font></p></td><td style="vertical-align:middle;width:13.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">High purity germanium, high-purity gallium arsenide</font></p></td><td style="vertical-align:middle;width:31.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The Company is mainly engaged in the research and development, production and sales of indium phosphide, gallium arsenide and germanium substrate materials, belonging to the &quot;High purity elements and compounds&quot; in the &quot;New material industry&quot;</font></p></td></tr><tr style="height:14.2pt;"><td style="display:none;vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">PBN materials</font></p></td><td style="display:none;vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">6.1.2 New functional ceramic materials</font></p></td><td style="vertical-align:middle;width:13.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Thermoelectric ceramic materials, piezoelectric ceramic materials</font></p></td><td style="vertical-align:middle;width:31.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The Company is mainly engaged in the research and development, production and sales of high-purity PBN materials, belonging to the &quot;New functional ceramic materials&quot; in the &quot;New material industry&quot;</font></p></td></tr><tr style="height:14.2pt;"><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Classification of Strategic Emerging Industries (2018) </font></p></td><td style="vertical-align:middle;width:13.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Compound semiconductor substrate materials</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">3.4.3.1 Crystal, semiconductor manufacturing</font></p></td><td style="vertical-align:middle;width:13.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Single Crystal Germanium, Gallium Arsenide Single Wafer, Indium Phosphide Single Crystal and Single Wafer</font></p></td><td style="vertical-align:middle;width:31.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The Company is mainly engaged in the research and development, production and sales of indium phosphide and gallium arsenide bottom materials, belonging to the &quot;Silicon semiconductor crystal manufacturing&quot; in the &quot;New material industry&quot;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">117</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:14.2pt;"><td rowspan="2" style="vertical-align:top;width:13.77%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 2.5pt 3.6pt;"><font style="color:#333333;">(issued by National Bureau of Statistics)</font></p></td><td style="vertical-align:middle;width:13.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">PBN materials</font></p></td><td rowspan="2" style="vertical-align:middle;width:13.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">3.4.2.2 Functional ceramics manufacturing</font></p></td><td style="vertical-align:middle;width:13.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Thermoelectric Ceramics, Piezoelectric Ceramics</font></p></td><td style="vertical-align:middle;width:31.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The Company is mainly engaged in the research and development, production and sales of high-purity PBN materials, belonging to the &quot;Functional ceramic manufacturing&quot; in the &quot;New material industry&quot;</font></p></td></tr><tr style="height:14.2pt;"><td style="display:none;vertical-align:middle;width:13.77%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">High-purity Gallium</font></p></td><td style="display:none;vertical-align:middle;width:13.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">3.2.9.1 High-purity metal manufacturing</font></p></td><td style="vertical-align:middle;width:13.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">High purity, Ultra-purity (Indium, Germanium, Gallium, Tellurium, Rhenium) (total element analysis, the purity is over 99.999%)</font></p></td><td style="vertical-align:middle;width:31.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The Company is mainly engaged in the research and development, production and sales of high-purity materials such as high-purity gallium, and belongs to &quot;High-purity metal manufacturing&quot; in the &quot;New material industry&quot;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">118</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition, some provinces have clearly proposed to support the development of III-V compound semiconductor materials in the 14th Five-Year Plan. The details are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:12.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Issuing time</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Issued by</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:20.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Policy name</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:43.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Main contents </b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:12.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">July 2021</font></p></td><td style="vertical-align:middle;width:15.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">People&#8217;s Government of Guangdong Province</font></p></td><td style="vertical-align:middle;width:20.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The 14th Five-Year Plan for the High-Quality Development of the Manufacturing Industry in Guangdong Province</font></p></td><td style="vertical-align:middle;width:43.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Support the R&amp;D and manufacturing of compound semiconductor devices and modules such as gallium arsenide and indium phosphide, cultivate and support compound semiconductor IDM enterprises, support the construction of radio frequency, sensor, power electronics and other device production lines, and drive the promotion and application of compound semiconductor products.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:12.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">June 2021</font></p></td><td style="vertical-align:middle;width:15.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">People&#8217;s Government of Liaoning Province</font></p></td><td style="vertical-align:middle;width:20.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Outline of The 14th Five-Year Plan for the National Economic and Social Development and Vision 2035 of Liaoning Province</font></p></td><td style="vertical-align:middle;width:43.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Promote the development of the entire industry chain of integrated circuit, and accelerate the construction of Shenyang Integrated Circuit Equipment High-tech Industrialization Base, Dalian Integrated Circuit Design Industry Base, Chaoyang Semiconductor New Material R&amp;D and Production Base, Panjin Optoelectronics Industry Base, and Jinzhou Electronic Information Industry Park.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:12.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">June 2021</font></p></td><td style="vertical-align:middle;width:15.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">People&#8217;s Government of Shanxi Province</font></p></td><td style="vertical-align:middle;width:20.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">14th Five-Year Plan for New Materials in Shanxi Province</font></p></td><td style="vertical-align:middle;width:43.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Focus on the development of gallium arsenide and other materials, accelerate the introduction into Shanxi of industrial chain projects such as device design, manufacturing, packaging, testing, and application, and build an important national semiconductor R&amp;D and production base.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.41%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:12.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">June 2021</font></p></td><td style="vertical-align:middle;width:15.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">People&#8217;s Government of Tianjin</font></p></td><td style="vertical-align:middle;width:20.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The 14th Five-Year Plan for the High-Quality Development of the Manufacturing Industry in Tianjin</font></p></td><td style="vertical-align:middle;width:43.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Expand the production capacity of 8-12-inch silicon single crystal polished wafers and epitaxial wafers, and accelerate the R&amp;D and production of 6-inch semi-insulating gallium arsenide.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">119</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">March 2021</font></p></td><td style="vertical-align:middle;width:15.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">People&#8217;s Government of Fujian Province</font></p></td><td style="vertical-align:middle;width:20.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Outline of The 14th Five-Year Plan for the National Economic and Social Development and Vision 2035 of Fujian Province</font></p></td><td style="vertical-align:middle;width:43.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Accelerate R&amp;D and application of compound semiconductors, and strengthen the manufacturing of gallium arsenide radio frequency chips and gallium nitride/silicon carbide high-power chips.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.42%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 2022</font></p></td><td style="vertical-align:middle;width:15.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yunnan Provincial Department of Industry and IT</font></p></td><td style="vertical-align:middle;width:20.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The 14th Five-Year Plan for Information Industry Development of Yunnan Province </font></p></td><td style="vertical-align:middle;width:43.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Focus on the development of high-purity gallium materials, and promote the research and development and industrialization of advanced semiconductor materials such as gallium arsenide, gallium phosphide, and indium phosphide.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the Company&#8217;s technical products can be classified as within the industry fields supported and encouraged by the national science and technology innovation strategy.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Explain the concrete embodiment and basis of the advancement of the technology and products, outstanding scientific and technological innovation ability or outstanding transformation ability of the Company, in the light of Question 4.1;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The concrete embodiment and basis of the advancement of the technology and products, outstanding scientific and technological innovation ability or outstanding transformation ability of the Company are mainly reflected in the following three aspects:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The market share of the Company&#8217;s products always ranks among the top in the world</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The market share of InP substrate of the Company ranked second in the world in 2020 and GaAs substrate market share ranked fourth in the world in 2019, according to the latest statistics of YOLE, a well-known research institution in semiconductor.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">120</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On the whole, the market share of the Company is close to that of Japanese and German competitors such as Sumitomo, Japan JX and Freiberger, which is in line with the statements of &#8220;leading in the world&#8221;, &#8220;one of the most competitive enterprises in the global III-V compound semiconductor material industry&#8221; and &#8220;the Company is at the first echelon level in the world with Japanese and German competitors such as Sumitomo, Japan JX and Freiberger&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">121</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.12%;"><tr style="height:19.9pt;"><td rowspan="2" style="vertical-align:middle;width:12.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-weight:bold;">Year</b></p></td><td colspan="4" style="vertical-align:middle;width:87.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-weight:bold;">Global InP substrate market share</b></p></td></tr><tr style="height:19.9pt;"><td style="display:none;vertical-align:middle;width:12.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:24.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Sumotimo</p></td><td style="vertical-align:middle;width:26.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Issuer</p></td><td style="vertical-align:middle;width:17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">JX Nippon</p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Others</p></td></tr><tr style="height:19.9pt;"><td style="vertical-align:middle;width:12.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">2020</p></td><td style="vertical-align:middle;width:24.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">42%</p></td><td style="vertical-align:middle;width:26.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">36%</p></td><td style="vertical-align:middle;width:17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">13%</p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">10%</p></td></tr><tr style="height:19.9pt;"><td rowspan="2" style="vertical-align:middle;width:12.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-weight:bold;">Year</b></p></td><td colspan="4" style="vertical-align:middle;width:87.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="font-weight:bold;">Global GaAs substrate market share</b></p></td></tr><tr style="height:19.9pt;"><td style="display:none;vertical-align:middle;width:12.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:24.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Freiberger</p></td><td style="vertical-align:middle;width:26.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Sumotimo</p></td><td style="vertical-align:middle;width:17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Issuer</p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">Others</p></td></tr><tr style="height:19.9pt;"><td style="vertical-align:middle;width:12.55%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">2019</p></td><td style="vertical-align:middle;width:24.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">28%</p></td><td style="vertical-align:middle;width:26.48%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">21%</p></td><td style="vertical-align:middle;width:17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">13%</p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;">21%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Source from: Yole</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company is expected to seize market share in emerging fields in this round of industrial cycle, take the lead in establishing deep cooperative relations with domestic and foreign emerging enterprises, and become an international leading enterprise in III-V compound semiconductor substrates, as the semiconductor industry moves to Mainland China in a large scale, coupled with the explosive growth of demand in emerging downstream fields such as 5G communications, data center, new generation display, artificial intelligence and unmanned driving.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. The Company has the technical strength at the first echelon level in the industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In the field of compound semiconductor substrates, a company&#8217;s production capacity of large-size substrates can, to a certain extent, reflect its technical strength. The Company has the technologies at the first echelon level in the world with its main competitors in terms of substrate product size.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The production of III-V compound semiconductor substrates covers multiple complex processes including, among others, poly-crystal synthesis (if any), single-crystal growth, cutting, grinding, polishing, cleaning and testing, with a high technical threshold. Meanwhile, InP and GaAs substrates are gradually iterating to a larger size, which imposes high requirements on enterprises for equipment, process and technology accumulation. As regards the existing products, III-V compound semiconductor</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">122</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">substrate enterprises need to keep improving product performance indicators to adapt to the continuous iteration of chip and device products of downstream customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Based on the public information of competitors, the main substrate product sizes provided by each relevant company are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:39.2%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sumitomo</b></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">JX Nippon</b></p></td><td style="vertical-align:middle;width:20.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Beijing Tongmei</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:18.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">InP substrate</font></p></td><td style="vertical-align:middle;width:20.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">2-inch substrate</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:18.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">3-inch substrate</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">4-inch substrate</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">6-inch substrate</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">N/A</font></p></td><td style="vertical-align:middle;width:20.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:39.2%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sumitomo</b></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Freiberger</b></p></td><td style="vertical-align:middle;width:20.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Beijing Tongmei</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:18.76%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">GaAs substrate</font></p></td><td style="vertical-align:middle;width:20.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">4-inch substrate</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">6-inch substrate</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.76%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.43%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">8-inch substrate</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td><td style="vertical-align:middle;width:20.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8730;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Source: Official websites of the comparable companies</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At present, the Company is capable of producing the same large-size III-V compound semiconductor substrates, including 6-inch InP substrates, 8-inch GaAs substrates and 6-inch germanium substrates, as other enterprises at the first echelon level in the same industry, reflecting its current technical strength. In the future, the Company will continue its R&amp;D efforts in response to its own development, so as to maintain its first echelon technical strength in the industry.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. The Company has established close cooperative relations with well-known customers in the industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Customer recognition is reflected in cooperation. The Company has established long-term and close cooperative relations with well-known customers around the world in the industry in its existing product business and future product business, which is conducive to better seizing the opportunities and getting timely feedback from downstream high-quality customers, thus maintaining relationship with customers and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">123</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">in turn maintaining its strong competitiveness for a long time. Some major customers of the Company are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:21.12%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:67.17%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.7%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.2pt;"><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="color:#333333;font-weight:bold;">Name of customer</b></p></td><td style="vertical-align:middle;width:67.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="color:#333333;font-weight:bold;">Introduction of customer</b></p></td><td style="vertical-align:middle;width:11.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><b style="color:#333333;font-weight:bold;">Start of business transactions</b></p></td></tr><tr style="height:14.2pt;"><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Osram</font></p></td><td style="vertical-align:middle;width:67.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Founded in 1906, and listed on Frankfurt Stock Exchange (OSR.DF), &#160;OSRAM is mainly engaged in optical semiconductor, auto parts and digital technology</font></p></td><td style="vertical-align:middle;width:11.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">2002</font></p></td></tr><tr style="height:14.2pt;"><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">IQE</font></p></td><td style="vertical-align:middle;width:67.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Founded in 1988, listed on London Stock Exchange (IQE.L), III-V epitaxy manufacturer, the world&#8217;&#39;s leading compound semiconductor wafer designer and manufacturer</font></p></td><td style="vertical-align:middle;width:11.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">2002</font></p></td></tr><tr style="height:14.2pt;"><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">II-VI</font></p></td><td style="vertical-align:middle;width:67.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">An enterprise listed on NASDAQ (IIVI.O) engaged in engineering materials and optoelectronic components, headquartered in the United States </font></p></td><td style="vertical-align:middle;width:11.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">2002</font></p></td></tr><tr style="height:14.2pt;"><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">IPG</font></p></td><td style="vertical-align:middle;width:67.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">A well-known fiber laser manufacturer listed on NASDAQ (IPGP.O) </font></p></td><td style="vertical-align:middle;width:11.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">2002</font></p></td></tr><tr style="height:14.2pt;"><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Meta</font></p></td><td style="vertical-align:middle;width:67.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">An internationally renowned photo sharing and social media platform founded in 2004 and listed on NASDAQ (FB.O), formerly known as Facebook</font></p></td><td style="vertical-align:middle;width:11.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">2019</font></p></td></tr><tr style="height:14.2pt;"><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Win Semiconductor</font></p></td><td style="vertical-align:middle;width:67.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">A global III-V semiconductor materials foundry enterprise listed in Taiwan (3105. TWO)</font></p></td><td style="vertical-align:middle;width:11.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">2008</font></p></td></tr><tr style="height:14.2pt;"><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Landmark Optoelectronics</font></p></td><td style="vertical-align:middle;width:67.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">A global III-V semiconductor materials epitaxy enterprise listed in Taiwan (3081. TWO)</font></p></td><td style="vertical-align:middle;width:11.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">2002</font></p></td></tr><tr style="height:14.2pt;"><td style="vertical-align:middle;width:21.12%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Visual Photonics Epitaxy</font></p></td><td style="vertical-align:middle;width:67.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">A global III-V semiconductor materials epitaxy enterprise listed in Taiwan (2455. TW)</font></p></td><td style="vertical-align:middle;width:11.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">2002</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">124</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:10.94%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:83.39%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:5.65%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.2pt;"><td style="vertical-align:middle;width:10.94%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Azur Space</font></p></td><td style="vertical-align:middle;width:83.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Founded in 1964, it is mainly engaged in the development and production of multi-junction solar cells</font></p></td><td style="vertical-align:middle;width:5.65%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">2008</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company is cooperating with well-known downstream terminal customers in meeting their demands, in such fields as new generation display (Mini LED, Micro LED), artificial intelligence, unmanned driving and wearable device. Apart from that, the Company also sends samples of product to the downstream customers for testing, striving to participate in the formulation of future parameter standards for new products, including 6G optical module and mobile phone, Mini LED, Micro LED, VR, AR, L4-L5 lidar and wearable devices, in a bid to dominate the substrate technology and take the lead in seizing emerging market share.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">4. The Company&#8217;s product has excellent performance and good stability with years of iterative accumulation of technology and process</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Compared with competitors, the Company has more than 35 years of single-crystal growth experience in vertical gradient freeze method (VGF method), and the grown single crystal has stable quality and reasonable cost control. In order to ensure the yield of product, the downstream epitaxy manufacturer and final device manufacturers will put forward higher requirements for the substrate pit density level of substrate manufacturers in the future. Therefore, the technical level of single-crystal growth directly determines the pit density level. In terms of technical characteristics, the Company has the technology to manufacture low-etching pit density substrate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">One of the major difficulties in producing compound semiconductor substrate materials is to maintain the stability of product, and automatic production is the most effective way to solve the stability of product. However, semiconductor industry has a high barrier, which does not depend entirely on capital investment, but also needs to have a deep understanding of various production processes and downstream applications. Therefore, the automation level of production lines mainly depends on the iterative accumulation of processes and the reserve of engineers. The products of the Company can maximize the use of gallium arsenide and indium phosphide materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">125</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At present, the Company has unique attainments in crystal growth technology in VGF method. The Company is improving the automation level in wafer processing technology. At present, it has developed a fully automatic wafer thinning process and a fully automatic wafer wet cleaning process, and is developing a fully automatic wafer chemical mechanical polishing process. In the future, the Company will continue to improve the automation level of the whole process and further improve the stability, reliability and yield of the whole process while ensuring the stable application quality of customer products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the Company&#8217;s production technology is stable and highly automated. The product has the advantages of low dislocation density, high electron mobility, good surface consistency and low fluctuation value of total thickness. The product has superior performance, stable parameters and high cost performance.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q5. Business Compliance</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">5.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus: 1) in 2015, the State Administration of Work Safety included gallium arsenide in the list of hazardous chemicals, and the industrial regulatory policy has been increasingly strict; 2) the Issuer&#8217;s business process involves the discharge of hazardous chemicals, precursor chemicals, waste gas, waste water, solid waste and noise; 3) during the reporting period, the Issuer and its subsidiaries committed many violations in environmental protection and hazardous chemicals or were punished by relevant competent authorities.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the impact of being included into the list of hazardous chemicals on the Company&#8217;s operation. Whether other major products of the Company, in addition to gallium arsenide, are included in the list; (2) further demonstration of the reasons and basis that the Company&#8217;s relevant violations or punishments do not constitute material violations based on the Company&#8217;s specific violations and relevant laws and regulations; (3) whether the</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">126</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Company&#8217;s systems in hazardous chemicals, environmental protection and other aspects, their implementation and effectiveness can ensure that the production and operation can continue to meet the requirements of regulatory policies.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The impact of being included into the list of hazardous chemicals on the Company&#8217;s operation. Whether other major products of the Company, in addition to gallium arsenide, are included in the list</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Impact of being included into the list of hazardous chemicals on the Company&#8217;s operation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On February 27, 2015, the State Administration of Work Safety issued the Catalogue of Hazardous Chemicals (2015 Edition), which lists gallium arsenide as a hazardous chemical. The impact of these circumstances on the Company&#8217;s operations is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) In terms of industrial policy</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Catalogue of Industrial Structure Adjustment Guidance (2019 Edition) promulgated by the National Development and Reform Commission, the production and operation of GaAs engaged by the Company does not belong to the restricted or eliminated industry in the Catalogue; according to Negative List of Market Access (2022 Edition) promulgated by National Development and Reform Commission and Ministry of Commerce, the Company&#8217;s gallium arsenide production and operation business does not belong to the prohibited access category in the List. Therefore, after gallium arsenide was included in the list of hazardous chemicals, the relevant business of the Company complies with relevant national industrial policies, and the production capacity of gallium arsenide products of the Company was not restricted by the relevant national industrial policies.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) In terms of business qualification</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Article 67 of the Regulations on the Safety Management of Hazardous Chemicals, the production enterprises and import enterprises of hazardous</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">127</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">chemicals shall register the hazardous chemicals with the organization responsible for the registration of hazardous chemicals in the Work Safety Supervision and Administration Department of the State Council. According to the provisions of Article 14 of the Regulations, the production enterprises of hazardous chemicals shall obtain the safe production license of hazardous chemicals in accordance with the Regulations on Safe Production License before production. According to the provisions of Article 33 of the Regulations, the State implements a licensing system for the operation of hazardous chemicals. Without permission, no entity or individual may operate hazardous chemicals; a legally established hazardous chemical production enterprise does not need to obtain a hazardous chemical business license to sell the hazardous chemicals produced by the enterprise within its plant area.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As per the above regulations and requirements, after gallium arsenide was listed in the Catalogue of Hazardous Chemicals (2015 Edition), Chaoyang Tongmei has obtained the Registration Certificate of Hazardous Chemicals and the Safe Production License in accordance with relevant laws and regulations, and does not need to obtain the hazardous chemicals business license for the product sold within its plant area.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) In terms of marketing</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, sales revenue and sales volume of gallium arsenide substrate materials of the Company are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:27.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:29.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:15.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:27.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:16.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:13.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:12.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;width:15.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.47%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue (RMB)</font></p></td><td style="vertical-align:middle;width:16.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">255,474,600</font></p></td><td style="vertical-align:middle;width:13.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8.54%</font></p></td><td style="vertical-align:middle;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">235,367,900</font></p></td><td style="vertical-align:middle;width:12.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">30.85%</font></p></td><td style="vertical-align:middle;width:15.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">179,877,400</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.47%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume (Pcs)</font></p></td><td style="vertical-align:middle;width:16.44%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">583,700</font></p></td><td style="vertical-align:middle;width:13.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">15.65%</font></p></td><td style="vertical-align:middle;width:14.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">504,700</font></p></td><td style="vertical-align:middle;width:12.16%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6.20%</font></p></td><td style="vertical-align:middle;width:15.61%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">475,200</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Gallium arsenide was included in the list of hazardous chemicals in relatively early time, and no restriction has been imposed on procurement at related downstream applications since the policy was introduced. During the reporting period, the sales revenue and sales volume of gallium arsenide substrate materials of the Company maintained steady growth. The inclusion of gallium arsenide in the list of hazardous</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">128</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">chemicals did not have material adverse effect on the sales revenue and sales volume of gallium arsenide substrate materials during the reporting period. At the same time, in the downstream application field, there is no situation where it is unable to purchase gallium arsenide substrate products from the Company due to policy restrictions and other factors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) In terms of operating costs</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Due to inclusion of gallium arsenide in the list of hazardous chemicals, the Company has to further strengthen its own safety production management, and increase investment in environmental protection, which puts forward higher requirements for its production and inventory management, and increases its operating costs to a certain extent, but the overall impact is relatively small.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the inclusion of gallium arsenide in the list of hazardous chemicals will not have a material adverse impact on the Company&#8217;s sustainable operation ability.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether other major products of the Company, in addition to gallium arsenide, are included in the list</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company&#8217;s major products include InP substrate, GaAs substrate, germanium substrate, high-purity gallium, gallium-magnesium alloy, indium-magnesium alloy, PBN crucible and other PBN materials. Gallium has been listed in the Catalogue of Hazardous Chemicals in 2003, in addition to that gallium arsenide was listed in the Catalogue of Hazardous Chemicals in 2015. Chaoyang Jinmei, the controlled subsidiary of the Company, is responsible for the production of high-purity gallium products. Chaoyang Jinmei has obtained the Registration Certificate of Hazardous Chemicals and the Safe Production License in accordance with relevant laws and regulations, and does not need to obtain the hazardous chemicals business license for the product sold within its plant area.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Further demonstration of the reasons and basis that the Company&#8217;s relevant violations or punishments do not constitute material violations based on the Company&#8217;s specific violations and relevant laws and regulations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Company and its domestic controlled subsidiaries were subject to administrative punishment related to environmental protection and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">129</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">hazardous chemicals for 7 times. Such violations or punishments do not constitute material violations for the following reasons and basis:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Administrative punishments related to environmental protection</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Punishment &#8220;Jing Huan Jing Jian Cha Fa Zi [2018] No. 5&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Decision on Administrative Punishment issued by Beijing Municipal Ecology and Environment Bureau on January 21, 2019, Beijing Tongmei stored germanium containing kerosene (which is the hazardous waste specified in the National List of Hazardous Wastes) produced in the production process in green tin barrels without hazardous waste identification marks, in violation of Article 52 of the Law of the People&#8217;s Republic of China on the Prevention and Control of Environmental Pollution by Solid Waste, and the Beijing Municipal Ecology and Environment Bureau ordered it to stop the illegal act, make corrections within a time limit and impose an administrative punishment of RMB12,000.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In accordance with the provisions of Article 75 of the Law of the People&#8217;s Republic of China on the Prevention and Control of Environmental Pollution by Solid Waste, in violation of the provisions of this Law on the prevention and control of environmental pollution by hazardous waste, the competent administrative department of environmental protection of the people&#8217;s government at or above the county level shall order the relevant entity to stop the illegal act, make corrections within a time limit and impose a fine; those who do not set up identification marks for hazardous wastes shall be fined not less than RMB10,000 but not more than RMB100,000. Beijing Tongmei was fined RMB12,000, which is at the lower value of the above-mentioned fine range stipulated by law, and the fine has been paid and corrections has been made as required. Therefore, the illegal act of Beijing Tongmei is not material and does not constitute a material violation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the interview with the staff of Beijing Municipal Ecology and Environment Bureau on August 17, 2021, Beijing Tongmei has stopped the illegal act as required and paid the fine on schedule. After review, no violation of environmental protection laws and regulations is found, and the matters involved in the above administrative punishment have not caused material environmental pollution, are not</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">130</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">material administrative punishment, and do not constitute material environmental violations.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Punishment &#8220;Ding Huan Fa [2019] No. 80&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Decision on Administrative Punishment issued by Dingxing County Environmental Protection Bureau on May 14, 2019, Baoding Tongmei discharged water pollutants while failing to obtain the pollutant discharge license according to law, thus violating the provisions of paragraph 2 of Article 21 of the Law of the People&#8217;s Republic of China on the Prevention and Control of Water Pollution and paragraph 2 of Article 45 of the Environmental Protection Law of the People&#8217;s Republic of China, Dingxing County Environmental Protection Bureau imposed an administrative punishment of RMB200,000.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the provisions of Article 83 of the Law of the People&#8217;s Republic of China on the Prevention and Control of Water Pollution, those who discharge water pollutants without obtaining a pollutant discharge license according to law and in violation of the provisions of this Law shall be ordered by the competent environmental protection department of the people&#8217;s government at or above the county level to make corrections, or be restricted for production or stopped for production for rectification, and shall also be fined not less than RMB100,000 but not more than RMB1 million; if the circumstances are serious, it shall be reported to the people&#8217;s government with the power of approval and ordered to suspend business or close down. Baoding Tongmei was fined RMB200,000, which is at a lower value of the above-mentioned fine range stipulated by law. Baoding Tongmei was not ordered to suspend business or close down, and the fine has been paid on schedule. Therefore, the illegal act of Baoding Tongmei is not material and does not constitute a material violation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Dingxing County Ecological Environment Bureau issued a Certificate on July 27, 2021, confirming that Baoding Tongmei has paid the fine on time and completed the rectification in accordance with laws and regulations and the corresponding requirements of the Bureau. The above illegal acts neither caused major environmental pollution nor constituted a serious circumstance.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Punishment &#8220;Tong Huan Jian FA Zi [2020] No. 080&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">131</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Decision on Administrative Punishment issued by Tongzhou District Ecological Environment Bureau of Beijing on June 1, 2020, Beijing Tongmei violated the provisions of paragraph 1 of Article 23 of the Law of the People&#8217;s Republic of China on the Prevention and Control of Water Pollution because it failed to report the out-of-limit pH data within the specified time limit. Tongzhou District Environmental Protection Bureau of Beijing ordered it to make corrections within a time limit and imposed an administrative punishment of RMB20,000.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the provisions of Article 82 of the Law of the People&#8217;s Republic of China on the Prevention and Control of Water Pollution, those who violate the provisions of this Law and fail to ensure the normal operation of monitoring equipment shall be ordered by the competent environmental protection department of the people&#8217;s government at or above the county level to make corrections within a time limit and fined not less than RMB20,000 but not more than RMB200,000; if it fails to make corrections within the time limit, it shall be ordered to stop production for rectification. Beijing Tongmei was fined RMB20,000, which is the lowest statutory fine mentioned above. It was not ordered to stop production for rectification, and the fine has been paid and corrections have been made as required. Therefore, the illegal act of Beijing Tongmei is not material and does not constitute a material violation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the interview with the staff of the Tongzhou District Ecological Environment Bureau of Beijing on August 10, 2021, Beijing Tongmei has immediately stopped the illegal act and quickly eliminated the impact on the environment. It has actively and seriously made corrections and paid the corresponding fine as required. The above-mentioned act does not cause environmental pollution incidents, and such administrative punishment is not material and therefore, the above-mentioned act does not constitute material environmental violations.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Administrative punishments related to hazardous chemicals</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Punishment &#8220;(Jing Tong) Ying Ji (Wei Hua) Fa [2019] No. 008&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Decision on Administrative Punishment issued by Beijing Tongzhou District Emergency Management Bureau on April 4, 2019, Beijing Tongmei violated the provisions of paragraph 1 of Article 24 of the Regulations on the Safety</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">132</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Management of Hazardous Chemicals by failing to store hazardous chemicals in a special warehouse. Beijing Tongzhou District Emergency Management Bureau ordered it to rectify the illegal act and imposed an administrative punishment of RMB69,000.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to item (4) of paragraph 1 of Article 80 of the Regulations on the Safety Management of Hazardous Chemicals, if the entity producing, storing and using hazardous chemicals fails to store hazardous chemicals in a special warehouse, the work safety supervision and administration department shall order it to make corrections and impose a fine of more than RMB50,000 and less than RMB100,000; if it refuses to make corrections, it shall be ordered to stop production and business for rectification until the original license issuing authority revokes its relevant license, and the administrative department for industry and commerce shall order it to handle the registration of change of business scope or revoke its business license. Beijing Tongmei was fined RMB69,000, which is at a lower value in the above-mentioned fine range stipulated by law. Beijing Tongmei was not ordered to stop production and business for rectification, and the fine has been paid and the rectification has been completed as required. Therefore, the illegal act of Beijing Tongmei is not material and does not constitute a material violation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Beijing Tongzhou District Emergency Management Bureau issued a Certificate on November 16, 2021, confirming that the above illegal acts of Beijing Tongmei neither caused serious social harm nor production safety accidents.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Punishment &#8220;Jing Gong Tong Xing Fa Jue Zi [2020] No. 000074&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Decision on Administrative Punishment issued by Tongzhou Branch of Beijing Municipal Public Security Bureau on April 17, 2020, Beijing Tongmei violated Article 81 of the Regulations on the Safety Management of Hazardous Chemicals because it failed to report the variety, quantity and logistic information of purchased explosive hazardous chemicals to the public security organ of the local people&#8217;s government at the county level for the record within the specified time limit, and Tongzhou Branch of Beijing Municipal Public Security Bureau imposed an administrative punishment of RMB6,000.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Article 81 of the Regulations on the Safety Management of</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">133</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Hazardous Chemicals, if the selling enterprise or the purchasing entity of highly toxic chemicals and explosive hazardous chemicals fails to report the varieties, quantity and logistic information of highly toxic chemicals and explosive hazardous chemicals sold and purchased to the public security organ of the local people&#8217;s government at the county level for the record within the specified time limit, the public security organ shall order it to make corrections and may impose a fine of less than RMB10,000; those who refuse to make corrections shall be fined not less than RMB10,000 but not more than RMB50,000. Beijing Tongmei was fined RMB6,000, which is at a lower value of the above-mentioned fine range stipulated by law, and the fine has been paid and corrections have been made as required. Therefore, the illegal act of Beijing Tongmei is not material and does not constitute a material violation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Zhangjiawan Police Station of Tongzhou Branch of Beijing Municipal Public Security Bureau issued a Certificate on November 5, 2021, confirming that the Company has paid the fine on time and completed the rectification in accordance with laws, regulations and corresponding requirements. The above violations neither constitute serious circumstances nor are major violations.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Punishment &#8220;(Jing Tong) Ying Ji (Wei Hua) Fa [2021] No. 003&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Decision on Administrative Punishment issued by Beijing Tongzhou District Emergency Management Bureau on March 17, 2021, Beijing Tongmei violated Article 11 of the Measures of Beijing Municipality for the Investigation and Treatment of Hidden Dangers of Production Safety Accidents because it failed to inform the employees of the investigation and treatment of hidden dangers of accidents, and Beijing Tongzhou District Emergency Management Bureau ordered it to rectify its illegal acts and imposed an administrative punishment of RMB49,000.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the provisions of Article 28 of the Measures of Beijing Municipality on the Investigation and Treatment of Hidden Dangers of Production Safety Accidents, if the production and business operation unit, in violation of the provisions of Article 11 of the Measures, fails to regularly report the investigation and treatment of hidden dangers of accidents, or fails to publicize the harm degree, impact scope and emergency measures of major hidden dangers of accidents, it shall be ordered to make corrections</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">134</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">within a time limit and may be fined not more than RMB50,000; if it fails to make corrections within the time limit, it shall be ordered to stop production and business for rectification and be fined not less than RMB50,000 but not more than RMB100,000. Beijing Tongmei was fined RMB49,000, which is at a lower value of the above-mentioned fine range stipulated by law. Beijing Tongmei was not ordered to stop production and business for rectification, and the fine was paid and the rectification was completed as required. Therefore, the illegal act of Beijing Tongmei is not material and does not constitute a material violation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Beijing Tongzhou District Emergency Management Bureau issued a Certificate on November 16, 2021, confirming that the administrative punishment &#8220;(Jing Tong) Ying Ji (Wei Hua) Fa [2021] No. 003&#8221; suffered by Beijing Tongmei is not a material administrative punishment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Punishment &#8220;(Jing Tong) Ying Ji (Wei Hua) Fa [2021] No. 004&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Decision on Administrative Punishment issued by Beijing Tongzhou District Emergency Management Bureau on April 22, 2021, Beijing Tongmei violated the provisions of Article 78 of the Production Safety Law of the People&#8217;s Republic of China because it did not regularly organize emergency rescue drills. Beijing Tongzhou District Emergency Management Bureau ordered it to rectify the illegal act and imposed an administrative punishment of RMB10,000.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Article 94 of the Production Safety Law of the People&#8217;s Republic of China, if the production and business operation entity fails to formulate the emergency rescue plan for production safety accidents or fails to organize drills regularly, it shall be ordered to make corrections within a time limit and may be fined not more than RMB50,000; if it fails to make corrections within the time limit, it shall be ordered to stop production and business for rectification and be fined not less than RMB50,000 but not more than RMB100,000. Beijing Tongmei was fined RMB10,000, which is at a lower value of the above-mentioned fine range stipulated by law. Beijing Tongmei was not ordered to stop production and business for rectification, and the fine has been paid and the rectification has been completed as required. Therefore, the illegal act of Beijing Tongmei is not material and does not constitute a material violation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">135</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Beijing Tongzhou District Emergency Management Bureau issued a Certificate on November 16, 2021, confirming that the administrative punishment &#8220;(Jing Tong) Ying Ji (Wei Hua) Fa [2021] No. 004&#8221; suffered by Beijing Tongmei is not a material administrative punishment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, according to the written certificates on no material illegal act or material administrative punishment issued by the relevant competent government department, the interview with and confirmation by the staff of the competent government department, and in combination with the analysis of specific illegal acts and relevant laws and regulations, the above violations or punishments of the Company and its domestic controlled subsidiaries in environmental protection and hazardous chemicals during the reporting period do not constitute material violations.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Whether the Company&#8217;s systems in hazardous chemicals, environmental protection and other aspects, their implementation and effectiveness can ensure that the production and operation can continue to meet the requirements of regulatory policies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Whether the Company&#8217;s hazardous chemicals system, its implementation and effectiveness can ensure that the production and operation continue to meet the requirements of regulatory policies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The systems related to the safe production of hazardous chemicals formulated by the Company mainly include: regular meeting and meeting system of safe production, safety training and education system, on-site shift system of leading cadres, management system of special operation personnel, safety inspection and hidden danger investigation and treatment system, emergency management system, production safety accident management system, safety management system of hazardous chemicals, occupational health related management system, public security management system of explosive hazardous chemicals, safety management system of precursor hazardous chemicals, security management system, etc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company appoints special management personnel to be responsible for the overall planning of safety production in terms of hazardous chemicals. All workshops and departments are equipped with safety officers to strengthen on-site supervision and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">136</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">inspection. In terms of specific implementation, the Company has taken various measures such as onboarding safety education, fire safety measures for special operations, region-based management responsibility system and annual training to consolidate the safety production responsibility and enhance the awareness of safety production in terms of hazardous chemicals, so as to ensure the effective implementation of the safety production management system.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Company accepted on-site inspection by the competent department of production safety, in the course of which, it was found to have such non-compliance as failure to regularly organize emergency drills and failure to inform employees of the troubleshooting and treatment of potential accidents due to the lack of sound internal regulations on production safety. The Company has made corresponding rectifications by regularly organizing emergency drills and timely informing employees of the troubleshooting and treatment of potential accidents, among others, and effectively implemented the relevant production safety management system, without material violation of production safety-related laws and regulations or exposure to risks of major safety accidents.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the relevant supporting documents issued by the competent department of production safety of the Company, except for the disclosed administrative punishment, the Company has not been subject to administrative punishment due to violation of production safety laws, regulations and normative documents during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the Company&#8217;s system on hazardous chemicals is sound and effectively implemented, and can ensure that the production and operation can continue to meet the requirements of regulatory policies.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether the Company&#8217;s environmental protection system, its implementation and effectiveness can ensure that the production and operation continue to meet the requirements of regulatory policies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The environmental protection related systems formulated by the Company mainly include: environmental protection management rule system, emergency management system for sudden environmental pollution events, pollutant emission and monitoring</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">137</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">management system, construction project &#8220;environmental impact assessment&#8221; and &#8220;Three Simultaneities&#8221; implementation management system, hazardous waste management system, etc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company assigns special management personnel to be responsible for the overall planning of environmental protection. All workshops and departments are equipped with environmental protection personnel to strengthen on-site supervision and inspection, so as to ensure the effective implementation of environmental protection management system.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Company regularly entrusts professional testing institutions to test the pollution discharge, and these testing institutions issue testing reports, so as to ensure that the pollution discharge meets the requirements of the pollution discharge license and relevant laws and regulations, and to ensure the effective implementation of the environmental protection management system.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Company accepted on-site inspections of the environmental protection department, in the course of which it was found to have non-compliance such as failure to set up hazardous waste identification marks and failure to guarantee the normal operation of automatic monitoring facilities for water pollutant discharge due to the lack of sound internal regulations on certain environmental protection issues. The Company has taken corresponding rectification measures through timely setting of hazardous waste identification marks and keeping the normal operation of automatic monitoring facilities for water pollutant discharge, and effectively implemented the relevant environmental protection management system, without material violation of relevant environmental protection laws and regulations or exposure to risk of major environmental protection accidents.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the relevant supporting documents issued by the competent environmental protection department of the Company and the interviews with the relevant staff of the competent environmental protection department, except for the disclosed administrative punishment, the Company and its domestic subsidiaries were not subject to administrative punishment for violating environmental protection laws, regulations and normative documents during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">138</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the Company&#8217;s environmental protection system is sound and effectively implemented, and can ensure that the production and operation can continue to meet the requirements of regulatory policies.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">5.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus: 1) at the end of each reporting period, the Issuer failed to pay the housing provident fund for more than 500 employees, accounting for about half of the total number of employees in the current year. The competent department of housing provident fund where the Issuer and its domestic subsidiaries are located has issued a compliance certificate therefor; 2) at the end of each reporting period, the number of dispatched employees of the Issuer was 196, 202, 208 and 102 respectively, accounting for 16.17%, 17.38%, 16.51% and 7.60% respectively of all employees at the end of each reporting period. As of the signing date of the Prospectus (for filing purpose), the proportion of labor dispatch of the Issuer has compiled with the provisions of relevant laws and regulations, and there is no administrative punishment by relevant regulatory authorities due to labor dispatch.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the reasons for the failure to pay the housing provident fund for a large number of employees. The impact of supplementary payment (if any) of housing provident fund on the Company&#8217;s operating performance; (2) the work of dispatched employees. The salary difference between dispatched employees and regular employees, and the impact of the use of dispatched employees on the human resource costs of the Company.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The reasons for the failure to pay the housing provident fund for a large number of employees. The impact of supplementary payment (if any) of housing provident fund on the Company&#8217;s operating performance.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The reasons for the failure to pay the housing provident fund for a large</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">139</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">number of employees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each reporting period, the Company and its domestic controlled subsidiaries&#8217; payment of housing provident fund for employees is as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:32.61%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:22.46%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:22.46%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:22.46%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">31 December 2021</b></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">31 December 2020</b></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">31 December 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Number of employees</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">1,396</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">1,055</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">961</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Number of payments</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">1,320</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">526</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">432</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.61%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Payment proportion</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">94.56%</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">49.86%</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">44.95%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each reporting period, the Company and its domestic controlled subsidiaries&#8217; non-payment of housing provident fund for employees and reasons for non-payment are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:10.61%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:31.51%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.29%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.29%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.27%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:31.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Reasons for non-payment</b></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">31 December 2021</b></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">31 December 2020</b></p></td><td style="vertical-align:middle;width:19.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">31 December 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:31.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Payment by the former employer</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:19.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:31.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Reemployment after retirement</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">24</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">19</font></p></td><td style="vertical-align:middle;width:19.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">17</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:31.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Rural residents</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">505</font></p></td><td style="vertical-align:middle;width:19.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">426</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:31.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">New employment/internship</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">24</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:19.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:31.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Voluntary waiver</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:19.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">23</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:31.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Provident fund account not opened</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:19.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">57</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:42.12%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Total</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">59</font></p></td><td style="vertical-align:middle;width:19.29%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">529</font></p></td><td style="vertical-align:middle;width:19.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">529</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the supporting documents issued by the competent department of housing provident fund where the Company and its domestic controlled subsidiaries are located and through public online inquiry, the Company and its domestic controlled subsidiaries were not subject to administrative punishment for violating laws and regulations related to housing provident fund during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">140</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. The impact of supplementary payment (if any) of housing provident fund on the Company&#8217;s operating performance</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon calculation, the Company should make further contributions for the reporting period as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 5pt 0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:9.92%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:35.98%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.92%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:35.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:18.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:18.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:18.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.92%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:35.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Further contribution of housing provident fund</font></p></td><td style="vertical-align:middle;width:18.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">90.13</font></p></td><td style="vertical-align:middle;width:18.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">228.14</font></p></td><td style="vertical-align:middle;width:18.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">256.62</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.92%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:35.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Total current profit</font></p></td><td style="vertical-align:middle;width:18.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10,332.71</font></p></td><td style="vertical-align:middle;width:18.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,163.06</font></p></td><td style="vertical-align:middle;width:18.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-2,511.26</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.92%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:35.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Proportion</font></p></td><td style="vertical-align:middle;width:18.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.87%</font></p></td><td style="vertical-align:middle;width:18.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4.42%</font></p></td><td style="vertical-align:middle;width:18.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the amount of reserve fund that the Company needs to make up accounts for a low proportion of the total current profits, which has little impact on the total profits of the Company and will not have a material adverse impact on the operating performance of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In the above case, AXT, the controlling shareholder of the Company, has issued a letter of statement and commitment: &#8220;(1) in case of litigation and/or arbitration arising from the Issuer&#8217;s employees&#8217; recourse for social insurance and housing provident fund, or administrative punishment by the relevant competent authorities, the enterprise will make full compensation to the Issuer and bear all the expenses payable by the Issuer due to such matters; (2) if the competent department of labor and social security and housing provident fund requires the Issuer to make up the employee social insurance and housing provident fund of previous years, the enterprise will make up the payment on behalf of the Issuer free of charge according to the amount determined by the competent department; (3) if the Issuer fails to pay social insurance and housing provident fund in accordance with the regulations, resulting in any other expenses and economic losses, the enterprise will be liable therefor free of charge on behalf of the Issuer.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The work of dispatched workers. The remuneration difference between dispatched employees and regular employees, and the impact of the use of</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">141</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">dispatched employees on the human resource costs of the Company.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The work of dispatched workers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, relevant dispatched workers were mainly engaged in cleaning, catering, production assistance and other work. Such work requires easy skills, low educational level and work ability. Such work is of an auxiliary and alternative nature, and does not involve the core posts and production processes of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. The remuneration difference between dispatched employees and regular employees, and the impact of the use of dispatched employees on the human resource costs of the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company determines the monthly remunerations, mainly including basic salary, performance pay, post allowance, overtime pay, night duty allowance, bonus and other subsidies, to dispatched employees, net of salary for absence from work if applicable, with reference to those to regular employees in the same position. During the reporting period, the remuneration comparison between dispatched employees and regular employees of the Company in the same position is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 5pt 0pt;"><font style="font-size:10.5pt;">Unit: yuan/month/person</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:43.11%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.11%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:12pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.11%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Average remunerations to dispatched workers (RMB/Month/Person)</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,342.38</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,484.71</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,843.47</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.11%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Average remunerations to regular employees in the same position (RMB/Month/Person)</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 4,703.20 </font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 4,725.95 </font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 3,472.21 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.11%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Simulated remuneration difference calculated based on the average remunerations to regular employees in the same position (RMB0&#8217;000)</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">65.34</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">60.21</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-79.49</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.11%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Proportion of simulated remuneration difference in total labor remunerations</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.30%</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.43%</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.55%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Generally, the average remunerations to the Company&#8217;s dispatched employees are</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">142</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">slightly lower than those to regular employees in the same position, mainly due to the high mobility as well as the short service term, probation period and overtime working hours in production auxiliary positions of dispatched employees. In 2019, the average remunerations to dispatched workers were higher than those to regular employees in the same position, mainly caused by the higher proportion of employees in catering and cleaning positions with lower remuneration level to the regular employees in the same position in 2019.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">It can be seen from the above table that during the reporting period, there is no significant remuneration difference between dispatched employees and regular employees in the same position, and the use of dispatched employees by the Company has no material impact on the human resource costs of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q6. History of the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">6.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, Beijing Tongzhou District Industrial Development Zone Corporation (hereinafter referred to as &#8220;Industrial Development Zone Corporation&#8221;) and AXT jointly established Tongmei Limited, the Issuer&#8217;s predecessor, in 1998. In 2001, Industrial Development Zone Corporation transferred its equity interests to AXT, thereby exiting from the Issuer. Industrial Development Zone Corporation was an enterprise owned by the whole people. According to the then applicable provisions, Industrial Development Zone Corporation should conduct an asset appraisal when it exited from Tongmei Limited and obtain a confirmation notice from the competent state-owned assets administration authorities in charge of examination and approval matters, or file the appraisal result with the competent state-owned assets administration authorities. Upon the verification by the intermediary agency, as it occurred a long time ago, the archival materials in relation to the equity transfer auditing appraisal and the receipt of equity transfer price have not been found.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">143</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: the necessary procedures to be performed for the exit of Industrial Development Zone Corporation and the performance thereof, the confirmation made by or filing with the competent state-owned assets authorities during the above process, the impact of the failure to find the documents in relation to the auditing appraisal and transfer price on the validity of the equity change, whether the exit of Industrial Development Zone Corporation complies with the relevant laws and regulations on the transfer of state-owned assets, impairs the legitimate rights and interests of the state, the collective and other third parties, or exists any dispute or potential risk.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer&#8217;s Attorney is requested to verify the above issues, explain the impact of the failure to find the documents in relation to the auditing appraisal and transfer price on the verification conclusions, and issue a clear opinion on the above issues.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Necessary procedures to be performed for the exit of Industrial Development Zone Corporation and the performance thereof, the confirmation made by or filing with the competent state-owned assets authorities during the above process</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Specifics on the exit of Industrial Development Zone Corporation from Tongmei Limited</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Based on the Issuer&#8217;s industrial and commercial archival materials, the specifics on the exit of Industrial Development Zone Corporation from Tongmei Limited are set forth below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On June 27, 2000, Industrial Development Zone Corporation and AXT entered into the Equity Transfer Agreement, agreeing that the 1% equity interest (totaling USD30,600) held by Industrial Development Zone Corporation in Tongmei Limited is transferred to AXT, and the equity interest shall be transferred on the day immediately</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">144</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">following the approval of the Beijing Foreign Economic and Trade Commission, and AXT shall pay USD30,600 to Industrial Development Zone Corporation in a lump sum.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On June 28, 2000, Tongmei Limited held a board meeting, approving that Industrial Development Zone Corporation transfers its 1% equity interest in Tongmei Limited to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On July 2, 2000, Tongmei Limited held a board meeting, approving that the registered capital of Tongmei Limited is increased from USD3.06 million to USD5.06 million. On the same day, AXT signed the new articles of association of Beijing Tongmei Xtal Technology Limited.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On July 24, 2000, the Beijing Tongzhou District Foreign Economic and Trade Commission issued the Reply on the Change of Enterprise Nature and the Increase in Investment Amount and Registered Capital of Beijing Tongmei Xtal Technology Limited ([2000] Tong Wai Jing Mao No. 81), agreeing that Industrial Development Zone Corporation transfers its 1% equity interest, i.e., USD30,600, in Tongmei Limited to AXT; agreeing that Beijing Tongmei will be converted from a joint venture into a wholly-owned enterprise; agreeing that the total investment of Beijing Tongmei will be increased from USD3.06 million to USD5.06 million after it becomes a wholly-owned enterprise, and the registered capital will be increased from USD3.06 million to USD5.06 million.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">With respect to the above equity transfer and capital increase, Tongmei Limited obtained the Approval Certificate for Foreign-Invested Enterprise of the People&#8217;s Republic of China (Wai Jing Mao Jing Zi Zi [1998] No. 0455) re-issued by the People&#8217;s Government of Beijing Municipality.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On August 30, 2000, Tongmei Limited obtained the Business License of Enterprise Legal Person re-issued by the State Administration for Industry and Commerce.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon the completion of the above change, the shareholding structure of Tongmei Limited is shown as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">145</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:10pt;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:7.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.98%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:28.22%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:28.22%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.32%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:15.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of Shareholder</b></p></td><td style="vertical-align:middle;width:28.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of Subscribed Capital (USD10,000)</b></p></td><td style="vertical-align:middle;width:28.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of Paid-in Capital (USD10,000)</b></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Shareholding Percentage (%)</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:15.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:28.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">506</font></p></td><td style="vertical-align:middle;width:28.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">306</font></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">100.00</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:23.23%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:28.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">506</b></p></td><td style="vertical-align:middle;width:28.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">306</b></p></td><td style="vertical-align:middle;width:20.32%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Necessary procedures to be performed for the exit of Industrial Development Zone Corporation and the performance thereof, the confirmation made by or filing with the competent state-owned assets authorities during the above process</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The relevant procedures to be performed by Industrial Development Zone Corporation for exiting from Tongmei Limited and the actual performance thereof are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:10.1%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.84%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:71.05%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">S/N</b></p></td><td style="vertical-align:middle;width:18.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Relevant procedures to be performed</b></p></td><td style="vertical-align:middle;width:71.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Actual performance</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:18.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Decision-making by the board of directors of Tongmei Limited</font></p></td><td style="vertical-align:middle;width:71.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">On June 28, 2000, Tongmei Limited held a board meeting, approving that Industrial Development Zone Corporation transfers its 1% equity interest in Tongmei Limited to AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:18.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Approval by Beijing Tongzhou District Foreign Economic and Trade Commission</font></p></td><td style="vertical-align:middle;width:71.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">On July 24, 2000, the Beijing Tongzhou District Foreign Economic and Trade Commission issued the Reply on the Change of Enterprise Nature and the Increase in Investment Amount and Registered Capital of Beijing Tongmei Xtal Technology Limited ([2000] Tong Wai Jing Mao No. 81), agreeing that Industrial Development Zone Corporation transfers its 1% equity interest, i.e., USD30,600, in Tongmei Limited to AXT</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:18.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Industrial and commercial change procedures</font></p></td><td style="vertical-align:middle;width:71.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">On August 30, 2000, Tongmei Limited obtained the Business License of Enterprise Legal Person re-issued by the State Administration for Industry and Commerce</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.1%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:18.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Asset appraisal, and confirmation or filing procedures of appraisal results</font></p></td><td style="vertical-align:middle;width:71.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Due to the long time span, the death or resignation of the original handlers and other reasons, no relevant archives on the procedures for the transfer of state-owned assets such as appraisal request, asset appraisal and confirmation of amount appraised regarding this equity transfer or the payment for the equity transfer price can be located; in order to solve historical problems, prevent the loss of state-owned assets and support the listing of the Issuer, the underlying equity transfer has been audited and appraised retrospectively according to the procedures and confirmed by the</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">146</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:10.1%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.84%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:71.05%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.1%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:71.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">competent authorities, with the transfer price having been settled, which is thus in line with the relevant laws and regulations on the transfer of state-owned assets.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Pursuant to the Administrative Measures on the Appraisal of State-owned Assets (State Council Order No. 91, November 1991) and the Rules on the Implementation of the Administrative Measures on the Appraisal of State-owned Assets (Guo Zi Ban Fa [1992] No. 36) and other applicable provisions, the exit of Industrial Development Zone Corporation from Tongmei Limited shall be subject to an asset appraisal, and is required to obtain a confirmation notice issued by the competent state-owned assets administrative authorities in charge of examination and approval matters, or file the appraisal result with the competent state-owned assets administration authorities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the documents and clarifications from AXT and Industrial Development Zone Corporation, as well as the confirmation by interviewing with relevant principals of the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing, the above equity transfer occurred in June 2000. Irrespective of efforts to find informed personnel and search relevant historical files with supports from the competent government authorities, no relevant archives on the procedures for the transfer of state-owned assets such as appraisal request, asset appraisal and confirmation of amount appraised regarding this equity transfer or the payment for the equity transfer price can be located due to the long time span, the death or resignation of the original handlers and other reasons, with defects thereon.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In view of the above, to solve historical problems, prevent the loss of state-owned assets and support the listing of the Issuer, relevant government departments of Tongzhou District have, under the organization of the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing, jointly approved the implementation of retroactive audit and evaluation procedures on the above matters (taking May 31, 2000 as the base date), and determined that the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and the Tongzhou Management Committee of Zhongguancun Science Park (i.e. the Park Management Committee of the People&#8217;s Government of Tongzhou District, Beijing) shall jointly confirm the retrospective audit</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">147</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">and appraisal results, and issue corresponding supporting materials according to the listing-related audit requirements.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Tihuasic (Beijing) Certified Public Accountants Co., Ltd. and Tianhua Xiangtong (Beijing) Assets Appraisal Co., Ltd. respectively issued Tihuasic&#8217;s Audit Report of Beijing Tongmei Xtal Technology Co., Ltd. (Tianhua Zhengxin (2022) Shen Zi No. N006) and the Retrospective Assets Appraisal Report of All Interests of Shareholders in Beijing Tongmei Xtal Technology Co., Ltd. Involved by the Equity Value Intended to be Known by Beijing Tongzhou District Industrial Development Zone Corporation and Beijing Tongmei Xtal Technology Co., Ltd. (Tianhua Xiangtong (2022) No. 2-1). According to the retrospective audit and appraisal results, as of May 31, 2000, the value of equity interests of shareholders in Beijing Tongmei is RMB48.24 million; as calculated based on 1% equity interest, the value of equity interest held by Industrial Development Zone Corporation in Beijing Tongmei is RMB482,400. Upon the mutual agreement between Industrial Development Zone Corporation and AXT and the confirmation by entering into a written supplementary agreement, AXT shall pay Industrial Development Zone Corporation a sum of RMB1,101,686 in principal and interest for the equity transfer, the sum of which has been fully paid as of the date hereof.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In March 2022, the superior competent authorities of Industrial Development Zone Corporation i.e. the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and the Tongzhou Management Committee of Zhongguancun Science Park jointly issued a Statement of Fact, confirming that &#8220;the appraisal method and result as used by the retrospective appraisal are reasonable, and accordingly, the equity transfer price is determined to be RMB482,400. Industrial Development Zone Corporation has received the equity transfer price and interest thereof, totaling RMB1,101,686 in full&#8221;; &#8220;Industrial Development Zone Corporation has performed the retrospective appraisal procedure for its exit from Tongmei Limited, and the transfer price has been paid in full in compliance with relevant laws and regulations on the transfer of state-owned assets, without any damage to the legitimate rights and interests of the state, the collective and other third parties, and without any dispute or potential risk.&#8221; In addition, according to the interviews with relevant persons in charge of the People&#8217;s Government of</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">148</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Zhangjiawan Town, Tongzhou District, Beijing, it is confirmed that Industrial Development Zone Corporation exited from the Issuer in accordance with a complete procedure, the equity transfer being true and effective.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the exit of Industrial Development Zone Corporation from Tongmei Limited has performed such procedures as the decision-making of the board of directors of Tongmei Limited, the approval of the Beijing Tongzhou District Foreign Economic and Trade Commission and the industrial and commercial change procedure. The defects of failure to locate relevant archives on the procedures for the transfer of state-owned assets such as appraisal request, asset appraisal and confirmation of amount appraised regarding such equity transfer and the payment for the equity transfer price have been rectified by the entities involved having performed the retrospective appraisal procedures and obtained the confirmation from the competent authorities, and the transfer price has been settled, which is in compliance with the applicable laws and regulations on the transfer of state-owned assets.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Impact of the failure to find the documents in relation to the auditing appraisal and transfer price on the validity of the equity change</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the requirements on this offering and listing, AXT and the Issuer have applied to Industrial Development Zone Corporation for confirming the fact of the equity transfer. Industrial Development Zone Corporation issued a Statement of Fact in December 2021, confirming that &#8220;Industrial Development Zone Corporation invested in and became a shareholder of Tongmei Limited in August 1998, and entered into the Equity Transfer Agreement with AXT, Inc. in June 2000, thereby transferring all shares held in Tongmei Limited to AXT, Inc., and the approval and industrial and commercial change procedures have been completed with Beijing Tongzhou District Foreign Economic and Trade Commission, AXT, Inc. therefore became the sole shareholder of Tongmei Limited&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition, with respect to the defects of failure to locate relevant archives on the procedures for the transfer of state-owned assets such as appraisal request, asset appraisal and confirmation of amount appraised regarding this equity transfer or the payment for the equity transfer price, the superior competent authorities of Industrial</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">149</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Development Zone Corporation i.e. the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and the Tongzhou Management Committee of Zhongguancun Science Park jointly issued a Statement of Fact in March 2022, confirming that &#8220;Industrial Development Zone Corporation has performed the retrospective appraisal procedure for its exit from Tongmei Limited, and the transfer price has been paid in full in compliance with the relevant laws and regulations on the transfer of state-owned assets, without any damage to the legitimate rights and interests of the state, the collective and other third parties, and without any dispute or potential risk&#8221;. According to the interviews with relevant persons in charge of the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing, it is confirmed that Industrial Development Zone Corporation exited from the Issuer in accordance with a complete procedure, the equity transfer being true and effective.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the failure to find the documents in relation to the auditing appraisal and transfer price will not affect the validity of the equity change.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Whether the exit of Industrial Development Zone Corporation complies with the relevant laws and regulations on the transfer of state-owned assets, impairs the legitimate rights and interests of the state, the collective and other third parties, or exists any dispute or potential risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As mentioned above, the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and the Tongzhou Management Committee of Zhongguancun Science Park as the superior competent authorities of Industrial Development Zone Corporation issued a Statement of Fact jointly in March 2022 confirming that Industrial Development Zone Corporation has performed the retrospective appraisal procedure for its exit from Tongmei Limited and the transfer price has been paid in full in compliance with the relevant laws and regulations on the transfer of state-owned assets, without any damage to the legitimate rights and interests of the state, the collective and other third parties, and without any dispute or potential risk.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The Issuer&#8217;s Attorney is requested to verify the above issues, explain the impact of the failure to find the documents in relation to the auditing appraisal</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">150</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">and transfer price on the verification conclusions, and issue a clear opinion on the above issues.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification Procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer&#8217;s Attorney has mainly performed the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Inspect the industrial and commercial archival materials of the Issuer and Industrial Development Zone Corporation, the resolution made by the board of directors with respect to the exit of Industrial Development Zone Corporation from Tongmei Limited and the approval of the Beijing Tongzhou District Foreign Economic and Trade Commission and the statements issued by the parties to the equity transfer, search for applicable laws and regulations at the time of the exit, assist the Issuer in communicating with Industrial Development Zone Corporation and the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing to confirm the relevant circumstances of the exit, and verify the necessary procedures to be performed for the exit of Industrial Development Zone Corporation from Tongmei Limtied and the performance thereof.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Inspect the Tihuasic&#8217;s Audit Report of Beijing Tongmei Xtal Technology Co., Ltd. (Tianhua Zhengxin (2022) Shen Zi No. N006 ) and the Retrospective Assets Appraisal Report of All Interests of Shareholders in Beijing Tongmei Xtal Technology Co., Ltd. Involved by the Equity Value Intended to be Known by Beijing Tongzhou District Industrial Development Zone Corporation and Beijing Tongmei Xtal Technology Co., Ltd. (Tianhua Xiangtong (2022) No. 2-1) issued by Tihuasic (Beijing) Certified Public Accountants Co., Ltd. and Tianhua Xiangtong (Beijing) Assets Appraisal Co., Ltd. respectively, the equity transfer agreement and the supplements thereto, payment voucher of equity transfer price, the Statement of Fact issued by the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and the Tongzhou Management Committee of Zhongguancun Science Park as well as relevant documents provided thereby, and interview with the general manager of the Issuer, verify the retrospective appraisal procedures that have been performed for the exit and the confirmation obtained from the competent authorities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">151</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Inspect the Statement of Fact issued by Industrial Development Zone Corporation, the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and the Tongzhou Management Committee of Zhongguancun Science Park for the exit, interview with relevant persons in charge of the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing, and verify the impact of the failure to find the documents in relation to the auditing appraisal and transfer price on the validity of the equity change, whether the exit of Industrial Development Zone Corporation complies with the relevant laws and regulations on the transfer of state-owned assets, impairs the legitimate rights and interests of the state, the collective and other third parties, or exists any dispute or potential risk.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification Opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon the verification, the Issuer&#8217;s Attorney considers that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. The exit of Industrial Development Zone Corporation from Tongmei Limited has performed such procedures as the decision-making of the board of directors of Tongmei Limited, the approval of the Beijing Tongzhou District Foreign Economic and Trade Commission and the industrial and commercial change procedure. With respect to the defects of failure to locate relevant archives on the procedures for the transfer of state-owned assets such as appraisal request, asset appraisal and confirmation of amount appraised regarding this equity transfer and the payment for the equity transfer price, the relevant entities have performed the retrospective appraisal procedures and obtained the confirmation from the competent authorities to have such defects remedied, which is in compliance with relevant laws and regulations on the transfer of state-owned assets.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. The failure to find the documents in relation to the auditing appraisal and transfer price will not affect the validity of the equity change or the verification conclusions made by our firm.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Based on the Statement of Fact issued by the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and the Tongzhou Management Committee of Zhongguancun Science Park, and in light of the interviews with relevant persons in charge of the People&#8217;s Government of Zhangjiawan Town, Tongzhou</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">152</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">District, Beijing, it is confirmed that Industrial Development Zone Corporation has performed the retrospective appraisal procedure for its exit from Tongmei Limited, the transfer price has been paid in full, and the equity transfer is true and valid, in compliance with the relevant laws and regulations on the transfer of state-owned assets, without any damage to the legitimate rights and interests of the state, the collective and other third parties, and without any dispute or potential risk.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">6.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus, Zhongke Hengye and Beijing Bomeilian are acting in concert. In December 2020, Zhongke Hengye and Beijing Bomeilian respectively subscribed for the Issuer&#8217;s newly increased registered capital with the equity interests held by them in Beijing Boyu as the payment consideration, with the capital increase price being RMB1.36 per unit of registered capital. In January 2021, Zhongke Hengye and Beijing Bomeilian transferred part of equity interests held by them in the Issuer to Liaoning Zhuomei and AXT at the price of RMB5.03 per unit of registered capital, respectively.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the background and reasons for the transfer of equity interests in the Company soon after the investment in the Company by Zhongke Hengye and Beijing Bomeilian; (2) the fairness of the share price paid by Zhongke Hengye and Beijing Bomeilian for their investment in the Company, and the reasons for and reasonableness of the large gap in prices.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Background and reasons for the transfer of equity interests in the Company soon after the investment in the Company by Zhongke Hengye and Beijing Bomeilian</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Zhongke Hengye</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">153</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of 2020, Ulrich Goetz intended to exit from Beijing Boyu and MA Jie intended to exit from Beijing Bomeilian, at which time, the ownership structure of Beijing Boyu and Beijing Bomeilian was as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:99.68%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company name</b></p></td><td style="vertical-align:middle;width:24.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of shareholder</b></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Capital contribution</b></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Shareholding ratio (%)</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:24.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:24.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">USD</font><font style="font-size:10.5pt;">1,483,000</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">63.00</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:24.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:24.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Bomeilian</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">USD635,000</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">27.00</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:24.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:24.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Ulrich Goetz</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">USD235,300</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10.00</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:24.99%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Bomeilian</font></p></td><td style="vertical-align:middle;width:24.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">HE Junfang</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">RMB</font><font style="font-size:10.5pt;">1,333,400</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">66.67</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:24.99%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:24.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MA Jie</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">RMB</font><font style="font-size:10.5pt;">666,600</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">33.33</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">HE Junfang intended to accept transfer of the equity in Beijing Boyu held by Ulrich Goetz and the equity in Beijing Bomeilian held by MA Jie through Zhongke Hengye under his control (HE Junfang held 79% of its property share and acted as the appointed representative of its executive partner).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In order to fund the equity transfer price, Zhongke Hengye borrowed a total of USD8.05 million (or RMB52.655928 million) from Liaoning Zhuomei, an external institutional investor, for which an agreement has made whereby Zhongke Hengye shall repay the loan with its corresponding equity in Beijing Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of 2020, Zhongke Hengye and Ulrich Goetz entered into the Equity Transfer Agreement, by which Ulrich Goetz transferred the registered capital, in an amount of USD141,180, held by him in Beijing Boyu to Zhongke Hengye at a price of USD2.4 million. Besides, Zhongke Hengye entered into the Transfer Agreement with Ma Jie, by which Ma Jie transferred 33.33% equity interest held by him in Beijing Bomeilian (corresponding to the registered capital of RMB660,000) to Zhongke Hengye at a price of RMB27.73 million. In January 2021, Zhongke Hengye transferred the registered capital in an amount of RMB10,463,911 held by it in Beijing Tongmei to Liaoning Zhuomei with reference to the share purchase price of RMB5.03/registered capital for external investors, and Zhongke Hengye has repaid the debt to Liaoning Zhuomei by equity accordingly.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Beijing Bomeilian</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Before the asset restructuring of the Company in December 2020, both Zhongke</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">154</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Hengye and Beijing Bomeilian were shareholders of Beijing Boyu, holding 6% and 27% equity interest in Beijing Boyu respectively. In December 2020, Beijing Bomeilian and Zhongke Hengye respectively subscribed for the Issuer&#8217;s newly increased registered capital with their equity interest in Beijing Boyu as payment consideration. Such asset restructuring obliged Beijing Bomeilian and Zhongke Hengye to pay various taxes including enterprise income taxes. To fund the taxes, Beijing Bomeilian transferred its registered capital in an amount of RMB4,907,343 held in Beijing Tongmei to AXT in January 2021 at a price of RMB equivalent of USD3.73 million.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the transfer of equity interest in the Company by Zhongke Hengye and Beijing Bomeilian soon after they invested in the Issuer was to repay the external borrowings and fund taxes and charges involved in asset restructuring.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Fairness of the share price paid by Zhongke Hengye and Beijing Bomeilian for their investment in the Company, and the reasons for and reasonableness of the large gap in prices.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In December 2020, to solve horizontal competition and integrate business resources, the Company carried out the asset restructuring and acquired 100% equity interest in Beijing Boyu, Baoding Tongmei, Chaoyang Tongmei, Nanjing Jinmei and Chaoyang Jinmei, among which, Beijing Bomeilian, with its 27% equity interest in Beijing Boyu, and Zhongke Hengye, with its 6% equity interest in Beijing Boyu, subscribed for the newly increased registered capital of the Company and realized their capital increase in the Company by way of share exchange; the price at which Zhongke Hengye and Beijing Bomeilian purchased the shares of the Issuer through such asset restructuring is consistent with the price at which AXT, Jinchao Business Management and other shareholders participated in the capital increase by way of share exchange, both of which were RMB1.36 per unit of registered capital. The price was determined through the negotiation among the parties on the basis of the net asset value per share of Beijing Tongmei and was fair.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In January 2021, for the purpose of repaying the external borrowings and funding the taxes and charges involved in the asset restructuring, Zhongke Hengye and Beijing Bomeilian transferred part of equity interest held by them in the Company to Liaoning</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">155</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Zhuomei and AXT respectively, and the transfer price is the same as the price at which Haitong Innovation, Haitong New Energy, Anxin Industrial Investment, Huadeng II and other external investors purchased the shares of the Company in the same period, both of which were RMB5.03 per unit of registered capital. Such transfer price was determined through the negotiation between both parties to the relevant transfer with reference to the price at which external institutional investors purchased the shares in the same period, the large gap between such transfer price and the above share price in the asset restructuring is reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The specific reasons for the significant difference in the share price and transfer price between Zhongke Hengye and Beijing Bomeilian can be referred to Q1 &#8220;I.(I).4 The reason and reasonableness of large difference between the valuation at this asset restructuring of the Company and the valuation at the capital increase from third parties in January 2021&#8221; hereof.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the price at which Zhongke Hengye and Beijing Bomeilian purchased the shares of the Issuer through the asset restructuring was determined through the negotiation among the parties on the basis of the net asset value per share of Beijing Tongmei and was fair; the price at which Zhongke Hengye and Beijing Bomeilian transferred part of equity interest held by them in the Company to Liaoning Zhuomei and AXT was determined through the negotiation between both parties to the relevant transfer with reference to the price at which external institutional investors purchased the shares in the same period, the large gap between such prices is reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">6.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus, (1) Nanjing Jinmei was jointly established by AXT and Nanjing Germanium Factory (subsequently changed its name into China Germanium Co., Ltd.). Nanjing Germanium Factory made its investment in the form of its technology of extracting and purifying gallium. In June 2017, China Germanium Co., Ltd. transferred all its obligations and rights (shares) under the joint venture contract to AXT; (2) AXT held 5% equity interest in</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">156</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Nanjing Jinmei for and on behalf of FAN Jiahua, FENG Yi, ZONG Hongxia, and ZHANG Fengxiang. From February 2018 to May 2019, AXT entered into the Equity Exit Agreement with FAN Jiahua, FENG Yi, and ZONG Hongxia (ZHANG Fengxiang and ZONG Hongxia were husband and wife, and ZHANG Fengxiang had passed away at the time of equity exit) respectively. According to the interviews with ZONG Hongxia and the persons handling the above equity exit matter, the purchase of shares of and exit from Nanjing Jinmei of FAN Jiahua, FENG Yi, ZONG Hongxia, and ZHANG Fengxiang is the declaration of their true intentions, the relevant payments have been made, and there is no dispute, discrepancy, or potential discrepancy in relation to the establishment, process and termination of the nominee holding.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the background of Nanjing Germanium Factory, whether it has completed the procedures necessary for the transfer of its obligations and rights (shares) under the joint venture contract to AXT, and whether such transfer is legal and in compliance with the law; (2) the background of and reasons for AXT&#8217;s holding of equity interest in Nanjing Jinmei on behalf of FAN Jiahua and other persons and the transfer of equity interest held by such persons; (3) the specific meaning of &#8220;persons handling the equity exit matter&#8221;, and whether there is any dispute or potential dispute in the establishment and termination of the nominee holding.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer&#8217;s Attorney is requested to verify and issue a clear opinion on the above issues.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Background of Nanjing Germanium Factory, whether it has completed the procedures necessary for the transfer of its obligations and rights (shares) under the joint venture contract to AXT, and whether such transfer is legal and in compliance with the law</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">157</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Background of Nanjing Germanium Factory</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As indicated in the industrial and commercial registration materials of Nanjing Germanium Factory, Nanjing Germanium Factory was originally an enterprise owned by the whole people, its business scope was &#8220;main business: semiconductor materials (manufacturing); ancillary business: high-purity and ultra-high-purity non-ferrous metals; rare metals (smelting) precious metals (smelting) (excluding gold, silver, platinum)&#8221;. In July 2000, Nanjing Huajian Industry (Group) Co., Ltd. approved the conversion of Nanjing Germanium Factory into a joint-stock cooperative enterprise, its capital would be wholly funded by individuals; in May 2003, Nanjing Germanium Factory was changed into a limited liability company, and its name was changed into &#8220;Nanjing Germanium Factory Co., Ltd.&#8221;. Subsequently, the name of Nanjing Germanium Factory was successively changed into &#8220;China Germanium Limited&#8221; and &#8220;China Germanium Co., Ltd.&#8221; in August 2009 and December 2014.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the search result on the National Enterprise Credit Information Publicity System, the current basic information of Nanjing Germanium Factory is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:30.57%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:69.42%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name:</b></p></td><td style="vertical-align:middle;width:69.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">China Germanium Co., Ltd.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Domicile:</b></p></td><td style="vertical-align:middle;width:69.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">No. 718 Jiangjun Avenue, Jiangning Development Zone, Nanjing</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Unified Social Credit Code:</b></p></td><td style="vertical-align:middle;width:69.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">913201001348798234</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Legal Representative</b></p></td><td style="vertical-align:middle;width:69.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">WANG Qingwei</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Registered Capital:</b></p></td><td style="vertical-align:middle;width:69.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">RMB39.6 million</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of Company:</b></p></td><td style="vertical-align:middle;width:69.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Limited Liability Company</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.57%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Business Scope:</b></p></td><td style="vertical-align:middle;width:69.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">R&amp;D, production, sales and technical services of new energy materials and electronic materials; smelting of high-purity and ultra-high-purity non-ferrous metals, rare metals and precious metals; manufacturing, sales and information technology services of semiconductor materials and organic germanium; self-operated and commissioned import and export of commodities and</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">158</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:30.57%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:69.42%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:69.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">technologies (except for commodities and technologies that are restricted or prohibited from being imported and exported by the state); leasing of devices and equipment; wholesale of hazardous chemicals (subject to the scope set forth in the license). (Businesses that are subject to approval in accordance with the law may be carried out only after being approved by relevant authorities.)</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Term of Business </b></p></td><td style="vertical-align:middle;width:69.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Indefinite period from October 16, 1990 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.57%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Shareholders:</b></p></td><td style="vertical-align:middle;width:69.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Zhongge Investment Management Co., Ltd. holds 53.78% equity interest Xiamen Meihua Optoelectronics Technology Co., Ltd. holds 46.22% equity interest</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether Nanjing Germanium Factory has completed the procedures necessary for the transfer of its obligations and rights (shares) under the joint venture contract to AXT, and whether such transfer is legal and in compliance with the law</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In June 2017, Nanjing Germanium Factory transferred its obligations and rights (shares) under the Nanjing Jinmei joint venture contract to AXT. As indicated in the industrial and commercial registration materials of Nanjing Germanium Factory, when the above transfer took place, there were two shareholders of Nanjing Germanium Factory in total, i.e., Nanjing Zhongge Investment Management Co., Ltd. (a wholly-owned subsidiary of Xiamen Meihua Optoelectronics Technology Co., Ltd.) and Xiamen Meihua Optoelectronics Technology Co., Ltd. As indicated in the industrial and commercial registration materials of these companies and the search result on the National Enterprise Credit Information Publicity System, as of the time of such transfer, the ultimate investors of these shareholders were all natural persons, and there is no state-owned shareholder.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On June 24, 2017, Nanjing Jinmei held a board meeting, approving that Nanjing Germanium Factory transfers all its obligations and rights (shares) under the joint</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">159</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">venture contract to AXT at a price of RMB8,973,405. On the same day, Nanjing Germanium Factory and AXT entered into the Equity Transfer Agreement with respect to the above equity transfer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On June 24, 2017, AXT made a shareholders&#8217; resolution that the shareholding percentage (cooperation interest) of AXT in Nanjing Jinmei was changed from 88% to 100%, the type of company was changed from a Sino-foreign cooperative foreign-invested enterprise to a wholly foreign-owned enterprise; the original articles of association and the original cooperation agreement were terminated, and the new articles of association of Nanjing Jinmei were adopted.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On September 11, 2017, Nanjing Jinmei obtained the Business License renewed by the Market Supervision and Administration Bureau of Jiangning District, Nanjing City.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, Nanjing Germanium Factory has completed the procedures necessary for the transfer of its obligations and rights (shares) under the joint venture contract to AXT, which is in compliance with laws and regulations.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Background of and reasons for AXT&#8217;s holding of equity interest in Nanjing Jinmei on behalf of FAN Jiahua and other persons and the transfer of equity interest held by such persons</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT, as a nominee of FAN Jiahua, FENG Yi, ZONG Hongxia and ZHANG Fengxiang, held a total of 5% equity in Nanjing Jinmei. From February 2018 to May 2019, AXT signed a Equity Exit Agreement with FAN Jiahua, FENG Yi and ZONG Hongxia (ZHANG Fengxiang, the husband of ZONG Hongxia, was passed away at the time of equity exit) respectively, pursuant to which all nominee holding was canceled.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the statement of AXT and the confirmation by interviewing with the entrusting holders namely FAN Jiahua, FENG Yi and ZONG Hongxia, at the time of the establishment of Nanjing Jinmei, FAN Jiahua served as the general manager and ZONG Hongxia served as the deputy general manager, ZHANG Fengxiang served as the executive director and financial director, and FENG Yi served as a consultant in Nanjing Jinmei. To motivate the above persons, AXT transferred a total of 5% equity interest in Nanjing Jinmei to FAN Jiahua, FENG Yi, ZONG Hongxia and ZHANG</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">160</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Fengxiang in September 2000, as Nanjing Jinmei was incorporated as a Sino-foreign cooperative enterprise, no individual may be a Chinese partner to the enterprise, such part of equity interest was held by AXT on their behalf.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">From February 2018 to May 2019, due to the advanced age of FAN Jiahua, FENG Yi and ZONG Hongxia, and Nanjing Jinmei&#8217;s main production and operation site needed to be relocated to another place, FAN Jiahua, FENG Yi and ZONG Hongxia requested to exit from Nanjing Jinmei and entered into the Equity Exit Agreement with AXT, agreeing to transfer all the equity interest held by them in Nanjing Jinmei to AXT. The above nominee holding has been completely released after consummation of such equity transfer. As of October 2020, FAN Jiahua, FENG Yi and ZONG Hongxia have received all the amounts payable for their equity exit.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Specific meaning of &#8220;persons handling the equity exit matter&#8221;, and whether there is any dispute or potential dispute in the establishment and termination of the nominee holding</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the interviews with HAO Ze, the deputy general manager and chief financial officer of the Issuer (who worked in the finance department of Nanjing Jinmei from September 2000 to March 2005) and CHEN Yu, a financial manager of Nanjing Jinmei, the specific matter that FAN Jiahua, FENG Yi and ZONG Hongxia exited from Nanjing Jinmei was handled by HAO Ze and CHEN Yu, and thus HAO Ze and CHEN Yu are the persons handling the equity exit matter.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, according to the confirmation by interviewing with all the entrusting holders FAN Jiahua FENG Yi and ZONG Hongxia other than the deceased ZHANG Fengxiang, as well as HAO Ze and CHEN Yu, the persons handling the equity exit matter, and upon search through public network, there is no dispute or potential dispute in the establishment and termination of the nominee holding.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The Issuer&#8217;s Attorney is requested to verify and issue a clear opinion on the above issues.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification Procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer&#8217;s Attorney has mainly performed the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">161</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Inspect the industrial and commercial registration materials and articles of association of Nanjing Germanium Factory, and access to the National Enterprise Credit Information Publicity System to inquire about the background of Nanjing Germanium Factory.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Inspect the industrial and commercial registration materials of Nanjing Jinmei, as well as the relevant documents such as the equity transfer agreement, board resolution and shareholders&#8217; resolution in relation to Nanjing Germanium Factory&#8217;s transfer of its obligations and rights (shares) under the joint venture contract to AXT, log in to the National Enterprise Credit Information Publicity System to check investors of Nanjing Germanium Factory at the time of the above transfer, and verify whether such transfer has been made through necessary procedures and in compliance with laws and regulations.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Inspect the nominee holding agreement and the equity exit agreement entered into by and among FAN Jiahua, FENG Yi, ZONG Hongxia and ZHANG Fengxiang and AXT, the certificates for the payment of equity exit price and the statement of AXT, and interview with FAN Jiahua, FENG Yi and ZONG Hongxia, whose shares were held by others on their behalf, and HAO Ze and CHEN Yu, the persons handling the equity exit matter, to understand the background of and reasons for the establishment and termination of the nominee holding.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. Interview with FAN Jiahua, FENG Yi and ZONG Hongxia, whose shares were held by others on their behalf, and HAO Ze and CHEN Yu, the persons handling the equity exit matter, and access to public network for search and inquiry, and verify whether there is any dispute or potential dispute in the establishment and termination of the nominee holding.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification Opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon the verification, the Issuer&#8217;s Attorney considers that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Nanjing Germanium Factory has completed the procedures necessary for the transfer of its obligations and rights (shares) under the joint venture contract to AXT, which is in compliance with laws and regulations.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The background of and reasons for AXT&#8217;s holding of equity interest in Nanjing</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">162</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Jinmei on behalf of FAN Jiahua, FENG Yi, ZONG Hongxia and ZHANG Fengxiang and the transfer of equity interest held by such persons are reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. The specific matter that FAN Jiahua, FENG Yi and ZONG Hongxia exited from Nanjing Jinmei was handled by HAO Ze and CHEN Yu, and thus HAO Ze and CHEN Yu are the persons handling the equity exit matter; there is no dispute or potential dispute in the establishment and termination of the nominee holding.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q7. Patent</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">7.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus, there are a total of 51 invention patents (including national defense patents) with respect to core technologies and main business income formed by the Issuer as of September 30, 2021, including 42 in the PRC and 9 abroad, which qualifies it for the exception index of science and technology innovation indicator.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Please indicate whether there are patent applications in different countries or regions for certain same technology.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of February 28, 2022, the Issuer owns a total of 53 invention patents that are licensed in and outside the PRC, of which 44 are in the PRC and 9 abroad.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Considering the regional characteristics of patent protection, the necessity of overseas business and other related factors, there are some invention patents for which the Issuer applied for certain same technology in different countries or regions. The corresponding relationship between such patents is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">163</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:98.29%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:5.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td colspan="4" style="vertical-align:middle;width:59.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Patent Licensed in Countries/Regions outside the PRC</b></p></td><td colspan="3" style="vertical-align:middle;width:34.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Corresponding Licensed Patent in the PRC</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:5.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:28.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Patent Name</b></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Patent Number</b></p></td><td style="vertical-align:middle;width:8.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Country/Region</b></p></td><td style="vertical-align:middle;width:12.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Date of Licensing</b></p></td><td style="vertical-align:middle;width:14.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Patent Name</b></p></td><td style="vertical-align:middle;width:9.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Patent Number</b></p></td><td style="vertical-align:middle;width:10.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Date of Licensing</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:28.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">PROCESS FOR CLEANING A COMPUND SEMICONDUCTOR WAFER</font></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">8691019</font></p></td><td style="vertical-align:middle;width:8.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The United States</font></p></td><td style="vertical-align:middle;width:12.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">April 8, 2014</font></p></td><td rowspan="3" style="vertical-align:middle;width:14.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#21270;&#21512;&#29289;&#21322;&#23548;&#20307;&#26230;&#29255;&#28165;&#27927;&#26041;&#27861;</font></p></td><td rowspan="3" style="vertical-align:middle;width:9.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">2010105138607</font></p></td><td rowspan="3" style="vertical-align:middle;width:10.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">January 9, 2013</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:28.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">PROCESS FOR CLEANING COMPOUND SEMICONDUCTOR WAFER</font></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">EP2629319</font></p></td><td style="vertical-align:middle;width:8.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">EPO</font></p></td><td style="vertical-align:middle;width:12.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">August 16, 2017</font></p></td><td style="display:none;vertical-align:top;width:14.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:9.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:10.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:28.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#21270;&#21512;&#29289;&#21322;&#23566;&#20307;&#12454;&#12456;&#12495;&#12540;&#12398;&#12463;&#12522;&#12540;&#12491;&#12531;&#12464;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">6088431</font></p></td><td style="vertical-align:middle;width:8.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Japan</font></p></td><td style="vertical-align:middle;width:12.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">February 10, 2017</font></p></td><td style="display:none;vertical-align:top;width:14.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:9.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:10.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:28.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">CONTROLLABLE OXYGEN CONCENTRATION IN SEMICONDUCTOR SUBSTRATE</font></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">EP2978882</font></p></td><td style="vertical-align:middle;width:8.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">EPO</font></p></td><td style="vertical-align:middle;width:12.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">June 24, 2020</font></p></td><td rowspan="2" style="vertical-align:middle;width:14.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#21322;&#23548;&#20307;&#34924;&#24213;&#20013;&#30340;&#21487;&#25511;&#27687;&#27987;&#24230;</font></p></td><td rowspan="2" style="vertical-align:middle;width:9.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">2020102755196</font></p></td><td rowspan="2" style="vertical-align:middle;width:10.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">February 11, 2022</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:28.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#21322;&#23566;&#20307;&#22522;&#26495;&#20013;&#12398;&#21046;&#24481;&#21487;&#33021;&#12394;&#37240;&#32032;&#28611;&#24230;</font></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">6330899</font></p></td><td style="vertical-align:middle;width:8.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Japan</font></p></td><td style="vertical-align:middle;width:12.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">May 11, 2018</font></p></td><td style="display:none;vertical-align:top;width:14.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:9.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:10.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:28.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">INDIUM PHOSPHIDE WAFER HAVING PITS ON THE BACK SIDE, METHOD AND ETCHING SOLUTION FOR MANUFACTURING THE SAME</font></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid 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#000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">MONOCRYSTALLINE GERMANIUM WAFERS, METHOD FOR PREPARING THE SAME, METHOD FOR PREPARING INGOTS AND USE OF MONOCRYSTALLINE WAFERS</font></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">11127867</font></p></td><td style="vertical-align:middle;width:8.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The United States</font></p></td><td style="vertical-align:middle;width:12.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">September 21, 2021</font></p></td><td style="vertical-align:middle;width:14.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-family:'SimSun';font-size:10.5pt;">&#38167;&#21333;&#26230;&#29255;</font><font style="font-size:10.5pt;">&#12289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#20854;&#21046;&#27861;</font><font style="font-size:10.5pt;">&#12289;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#26230;&#26834;&#30340;&#21046;&#27861;&#21450;&#21333;&#26230;&#29255;&#30340;&#29992;&#36884;</font></p></td><td style="vertical-align:middle;width:9.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">2017112967461</font></p></td><td style="vertical-align:middle;width:10.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">August 14, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">164</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:98.29%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:5.59%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:28.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.27%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:8.22%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.68%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.06%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.59%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:28.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">III-V</font><font style="font-family:'SimSun';font-size:10.5pt;">&#26063;&#21270;&#21512;&#29289;&#21322;&#23566;&#39636;&#26230;&#22291;&#21450;&#20854;&#28165;&#27927;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:11.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">I524411</font></p></td><td style="vertical-align:middle;width:8.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Taiwan, the PRC</font></p></td><td style="vertical-align:middle;width:12.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">March 1, 2016</font></p></td><td style="vertical-align:middle;width:14.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">&#8546;</font><font style="font-size:10.5pt;">-</font><font style="font-size:10.5pt;">&#8548;</font><font style="font-family:'SimSun';font-size:10.5pt;">&#26063;&#21270;&#21512;&#29289;&#21322;&#23548;&#20307;&#26230;&#29255;&#21450;&#20854;&#28165;&#27927;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:9.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">2011101259950</font></p></td><td style="vertical-align:middle;width:10.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">February 4, 2015</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer has revised the relevant description on &#8220;satisfaction by the Company with the requirements of science and innovation attribute&#8221; in the Prospectus..</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">7.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, AXT has entered into certain cross-license agreement with one of its major competitors to grant each other&#39;s patents filed before December 31, 2029 to the other party and its controlled entities for use. AXT shall pay a royalty (actually borne by the Issuer) and the counterparty is exempt from it. The cross-license agreement was signed primarily to avoid any risk of infringement or litigation arising from overlapping patents, and the Issuer has not yet applied the counterparty&#39;s licensed patents to its existing products.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Please indicate the reasons and reasonableness for the counterparty to be exempted from payment of the royalty while it is payable by the Issuer to the counterparty even if the counterparty&#8217;s licensed patents are not actually applied to the Issuer&#8217;s existing products.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On April 16, 2020, AXT and M signed a Cross-License and Non-Litigation Agreement, providing that M and AXT shall license to each other and the controlled entities thereof any patent filed by them prior to and including December 31, 2029, and that during the licensed term of such patents, M and AXT and their controlled entities will not knowingly pursue litigation worldwide against each other and each other&#39;s direct or indirect customers for any direct or indirect patent infringement resulting from</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">165</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">such license. Pursuant to the agreement, M shall be free from paying royalties, while AXT shall pay royalties to M, for the reasons and with the rationality as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On the one hand, the number of patents licensed by M, who was established and started the patent layout at an earlier time having a high status in the industry, to AXT is far greater than that by AXT to M; and on the other hand, it has formed a relatively complete and comprehensive patent network layout in the field of semiconductor substrate materials in the early stage, with a certain first mover advantage. Additionally, the Company keeps a large number of formula and process know-how strictly confidential according to different types of core technologies, in addition to applying for intellectual property rights at home and abroad, so as to avoid disclosing technical secrets due to patent disclosure.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In order to avoid any risk of patent infringement or litigation and to achieve the purpose of non-litigation by both parties, they entered into a Cross-License and Non-Litigation Agreement specifying that M shall be exempt from paying any royalties which shall, nevertheless, be payable by AXT to M.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the arrangement is mutually agreed upon by AXT and M after multiple rounds of commercial negotiations and taking into account the historical disputes, industry status, number of patents, patent network layout time and business prospects, which is commercially reasonable as it helps AXT and the company avoid any risk of patent infringement and litigation and conforms to industry practices.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q8. Sales Model and Key Customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">It can be seen from the submissions, 1) the Issuer mainly adopts direct sales domestically, and direct sales, agents, traders and consignment sales in overseas markets; 2) in the agent model, the Issuer directly signs a sales contract with the customers and delivers the goods with commission payable to the agents; 3) during the reporting period, the Issuer&#8217;s combined sales to the top five end customers accounted for 39.89%, 39.88%, 35.01% and 30.44% of total sales, respectively.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">166</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Please further disclose details of the consignment sales model, key customers, the size of the inventory kept at customer&#8217;s premises and the subsequent selling-through rate.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Please indicate the follows: (1) List the types of products sold by different sales models and income for each period of the reporting period in the form of tables, and, in case of any product sold through AXT, further list the sales details by sales model; (2) Specify any change of the end customers in response to the sales models made through AXT-Tongmei after the reorganization; (3) Indicate the basic information of the top five customers of domestic direct sales, overseas direct sales and overseas consignment sales in each period of the reporting period, types of products and sales amount sold to them; (4) Indicate the company names of the top five traders in each period of the reporting period, sales amount realized to them, history of cooperation with them, their major customers and cooperation with other semiconductor industry players; (5) Indicate the sales amount realized to the agents and the arrangement of agency fees in each period of the reporting period.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Further Disclosure by the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer has further disclosed in &#8220;I.(III).5. Sales modes&#8221; in &#8220;Section VI Business and Technology&#8221; of the Prospectus as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(3) Consignment Sales Details</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The consignment sales model adopted by the Issuer was as follows:</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:13.73%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:22.88%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:23.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:middle;width:13.73%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Items</b></p></td><td style="vertical-align:middle;width:22.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Osram</b></p></td><td style="vertical-align:middle;width:23.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Broadcom</b></p></td><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sumika Electronic Materials, Inc</b></p></td><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Freiberger</b></p></td></tr><tr><td style="vertical-align:middle;width:13.73%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Delivery arrangement</b></p></td><td style="vertical-align:middle;width:22.88%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">The customer in the consignment sales model</b></p></td><td style="vertical-align:middle;width:23.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">The customer in the consignment sales model</b></p></td><td style="vertical-align:middle;width:20%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">The customer in the consignment sales</b></p></td><td style="vertical-align:middle;width:20%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">The customer in the consignment sales</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">167</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:13.77%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:22.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:23.36%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.99%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:22.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">will submit monthly sales forecasts for the next 3 months to the Issuer, who will periodically replenish inventory based on production arrangements, inventory levels and other relevant factors</b></p></td><td style="vertical-align:top;width:23.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">will submit monthly sales forecasts for the next 6 months to the Issuer, who will periodically replenish inventory based on production arrangements, inventory levels and other relevant factors</b></p></td><td style="vertical-align:top;width:19.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">model will enter into a sales contract with the Issuer from time to time according to its own inventory and sales progress, to stipulate the quantity to be replenished for inventory</b></p></td><td style="vertical-align:top;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">model will submit quarterly sales forecasts for the next 26 weeks to the Issuer, who will periodically replenish inventory based on production arrangements, inventory levels and other relevant factors</b></p></td></tr><tr><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Responsibility for the custody of goods</b></p></td><td style="vertical-align:middle;width:22.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">The customer in the consignment sales model shall manage, protect and maintain the Issuer&#8217;s inventory for consignment sales and bear the warehousing risks and responsibilities for the products for consignment sales, while the Issuer retains title to the same until they are claimed from storage by the customer</b></p></td><td style="vertical-align:middle;width:23.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Any damage to or loss of the goods for consignment sales during their storage in the consignment warehouse shall be borne by the Issuer who will pay the expenses incurred therefrom. The Issuer retains title to the products for consignment sales until they are claimed from storage by the customer</b></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Any damage to or loss of the goods for consignment sales during their storage in the consignment warehouse shall be borne by the Issuer. The Issuer retains title to the products for consignment sales until they are claimed from storage by the customer</b></p></td><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Any damage to or loss of the goods for consignment sales during their storage in the consignment warehouse shall be borne by the Issuer. The Issuer retains title to the products for consignment sales until they are claimed from storage by the customer</b></p></td></tr><tr><td style="vertical-align:middle;width:13.77%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Pricing arrangement</b></p></td><td colspan="4" style="vertical-align:middle;width:86.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">The customer in the consignment sales model will claim the goods for consignment sales by the first-in first-out method and identify the sales order corresponding to the goods so claimed according to the quantity agreed therein, under which the unit price will be recognized.</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">168</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:104.95%;"><tr><td style="vertical-align:middle;width:13.71%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Payment arrangement</b></p></td><td colspan="4" style="vertical-align:middle;width:86.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">For the products for consignment sales actually claimed from storage, the customer in the consignment sales model will be required to make payment within the credit period agreed in the Sales Order</b></p></td></tr><tr><td style="vertical-align:middle;width:13.71%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Reconciliation arrangement</b></p></td><td style="vertical-align:top;width:22.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Once a month, the customer in the consignment sales model will provide the Issuer with a statement of reconciliation showing the quantity claimed, the unit price of the products claimed, the amount payable and the inventory not consumed</b></p></td><td style="vertical-align:top;width:23.38%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Once a month, the customer in the consignment sales model will provide the Issuer with a statement of reconciliation showing the quantity actually claimed and the inventory balance details</b></p></td><td style="vertical-align:top;width:20%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Once a month, the customer in the consignment sales model will provide the Issuer with a statement of reconciliation showing the quantity actually claimed, the unit price of the products claimed and the inventory balance details</b></p></td><td style="vertical-align:top;width:20%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Once a month, the customer in the consignment sales model will provide the Issuer with a statement of reconciliation showing the quantity actually claimed, the corresponding sales order and the inventory balance details</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Before business handover, Osram, Broadcom and Sumika Electronic Materials, Inc were AXT&#8217;s customers for consignment with years of cooperation with AXT. In March 2021, the sales operations and customers were switched to AXT-Tongmei, as a result of which, the three companies mentioned above became the Issuer&#8217;s customers for consignment. </b><b style="font-size:12pt;font-weight:bold;">Additionally, before the business handover, IQE and Visual Photonics Epitaxy, original customers of AXT, had some consignment-based transactions with AXT; after the business handover, they no longer made transactions based on consignment.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">In 2021, in response to the demand of, and as agreed with, the customer Freiberger, the subsidiary Beijing Boyu adjusted the sales mode whereby to conduct sales based on consignment.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The balance of the Issuer&#8217;s inventories at such customers&#8217; premises at the end of the reporting period and the post-period destocking rate as of the end February 2022 were as follows:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">169</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">In RMB0&#8217;000</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Key Customer</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Inventory Amount at the End of the Period</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Subsequent Amount Consumed</b></p></td><td style="vertical-align:middle;width:17.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Subsequent Selling-Through Rate</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Osram</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,578.12</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,578.12</b></p></td><td style="vertical-align:middle;width:17.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Broadcom</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">73.58</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">53.73</b></p></td><td style="vertical-align:middle;width:17.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">73.02%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sumika Electronic Materials, Inc</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">56.59</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">56.59</b></p></td><td style="vertical-align:middle;width:17.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Freiberger</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">63.10</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">61.31</b></p></td><td style="vertical-align:middle;width:17.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">97.16%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.98%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,771.39</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">1,749.75</b></p></td><td style="vertical-align:middle;width:17.66%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><b style="font-size:10.5pt;font-weight:bold;">98.78%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">It can be seen from the above table that as of the end of February 2022, the Issuer&#8217;s inventory balance at the end of the reporting period at the premises of the customers has been basically destocked.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) List the types of products sold by different sales models and income for each period of the reporting period in the form of tables, and, in case of any product sold through AXT, further list the sales details by sales model;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The types of products sold by different sales models and income during the reporting period were as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:15.48%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Items</b></p></td><td colspan="2" style="vertical-align:middle;width:31.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:26.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;width:26.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:15.48%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:15.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:16.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">170</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.48%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">Direct sales</p></td><td style="vertical-align:middle;width:15.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">54,087.40</p></td><td style="vertical-align:middle;width:16.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">63.09%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">26,985.23</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">46.28%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">20,094.21</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">43.47%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.48%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">Agency sales</p></td><td style="vertical-align:middle;width:15.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">14,563.58</p></td><td style="vertical-align:middle;width:16.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">16.99%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">3,135.30</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">5.38%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">3,983.49</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">8.62%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.48%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">Trader sales</p></td><td style="vertical-align:middle;width:15.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">3,884.27</p></td><td style="vertical-align:middle;width:16.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">4.53%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.48%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">Consignment sales</p></td><td style="vertical-align:middle;width:15.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">7,219.57</p></td><td style="vertical-align:middle;width:16.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">8.42%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.48%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">Sales through AXT</p></td><td style="vertical-align:middle;width:15.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">5,979.70</p></td><td style="vertical-align:middle;width:16.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">6.97%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">28,196.51</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">48.35%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">22,144.98</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">47.91%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.48%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:15.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">85,734.52</b></p></td><td style="vertical-align:middle;width:16.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">58,317.04</b></p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">46,222.68</b></p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For those sold through AXT, the sales details are further listed by sales model as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:22.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Items</b></p></td><td colspan="2" style="vertical-align:middle;width:25.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:26.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;width:26.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">Direct sales</p></td><td style="vertical-align:middle;width:11.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">2,015.22</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">33.70%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">5,882.30</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">20.86%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">6,714.65</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">30.32%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">Agency sales</p></td><td style="vertical-align:middle;width:11.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">1,557.23</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">26.04%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">8,567.95</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">30.39%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">5,834.61</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">26.35%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">Trader sales</p></td><td style="vertical-align:middle;width:11.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">831.40</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">13.90%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">2,205.58</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">7.82%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">1,642.04</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">7.41%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">Consignment sales</p></td><td style="vertical-align:middle;width:11.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">1,575.85</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">26.35%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">11,528.67</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">40.89%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">7,953.68</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">35.92%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.41%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">No further sales were realized</p></td><td style="vertical-align:middle;width:11.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">12.01</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">0.04%</p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">171</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.41%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:11.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">5,979.70</b></p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">28,196.51</b></p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:12.28%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">22,144.98</b></p></td><td style="vertical-align:middle;width:13.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Specify any change of the end customers in response to the sales models made through AXT-Tongmei after the reorganization;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon the completion of our restructuring in March 2021, AXT-Tongmei started to undertake the overseas sales of semiconductor substrate materials. Except for semiconductor substrate materials, the sales models applicable to our customers of PBN crucibles, high-purity metals and compounds, among other products, have not changed with the restructuring and business handover.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The changes in sales models applicable to the overseas customers of semiconductor substrate materials were as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:8.25%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:37.96%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.6%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.29%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:19.87%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">S/N</b></p></td><td style="vertical-align:middle;width:37.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Customer category</b></p></td><td style="vertical-align:middle;width:18.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sales model with AXT</b></p></td><td style="vertical-align:middle;width:15.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Sales model with AXT-Tongmei</b></p></td><td style="vertical-align:top;width:19.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Whether</b><b style="font-size:10.5pt;font-weight:bold;"> the sales mode changes after handover</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:37.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">General customers</font></p></td><td style="vertical-align:middle;width:18.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Direct sales</font></p></td><td style="vertical-align:middle;width:15.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Direct sales</font></p></td><td style="vertical-align:middle;width:19.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:37.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Osram, Sumika Electronic Materials, Inc and Broadcom</font></p></td><td style="vertical-align:middle;width:18.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Consignment</font></p></td><td style="vertical-align:middle;width:15.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Consignment</font></p></td><td style="vertical-align:middle;width:19.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:37.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Landmark Optoelectronics and other customers to whom sales are made through agents in Taiwan, South Korea and Japan</font></p></td><td style="vertical-align:middle;width:18.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">By agent</font></p></td><td style="vertical-align:middle;width:15.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">By agent</font></p></td><td style="vertical-align:middle;width:19.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:37.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Mo Sangyo Co, Ltd.</font></p></td><td style="vertical-align:middle;width:18.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Traders</font></p></td><td style="vertical-align:middle;width:15.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Traders</font></p></td><td style="vertical-align:middle;width:19.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.25%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:37.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">IQE and Visual Photonics Epitaxy</font></p></td><td style="vertical-align:middle;width:18.6%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Consignment + direct sales</font></p></td><td style="vertical-align:middle;width:15.29%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Direct sales</font></p></td><td style="vertical-align:middle;width:19.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, after the restructuring, sales are made through AXT-Tongmei who directly trades with downstream customers of AXT, and accordingly AXT was no longer a customer of the Company. Before the business handover, a small portion of sales to IQE and Visual Photonics Epicaxy were made on consignment, while after the business handover, all sales to them have been made directly. Except for this change, trading modes involving other customers remain unchanged.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Indicate the basic information of the top five customers of domestic direct sales, overseas direct sales and overseas consignment sales in each period of the reporting period, types of products and sales amount sold to them;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">172</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Domestic Direct Sales</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The types of products sold to the top five customers under the domestic direct sales model, sales amount sold to them and other related details were as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Year</b></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Customer Name</b></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Income</b></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Main Product Sold</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2021</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Nanchang Kingsoon</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,487.18</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Germanium substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Epi Solution Technology (Suzhou) Co., Ltd.</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,137.32</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, GaAs substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer A</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,751.24</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Everbright Photonics</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,789.80</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, GaAs substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer B</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,663.40</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, gallium arsenide, germanium substrate; high-purity gallium</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:43.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">14,828.94</b></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2020</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Nanchang Kingsoon</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,027.45</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Germanium substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer B</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,938.71</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, gallium arsenide, germanium substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Epi Solution Technology (Suzhou) Co., Ltd.</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,981.64</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, GaAs substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Everbright Photonics</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,620.88</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, GaAs substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer A</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,308.82</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:43.1%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:12.75%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">10,877.50</b></p></td><td style="vertical-align:middle;width:32.44%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:11.69%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><font style="font-size:10.5pt;">2019</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer A</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,755.70</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Nanchang Kingsoon</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,280.93</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Germanium substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Epi Solution Technology (Suzhou) Co., Ltd.</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,825.25</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, GaAs substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer B</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,681.73</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, gallium arsenide, germanium substrate; high-purity gallium</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">173</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:11.69%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yunnan Lincang Xinyuan Germanium Industry Co., Ltd.</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,258.46</font></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP polycrystal, PBN crucible, high-purity gallium </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.69%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:43.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">11,802.07</b></p></td><td style="vertical-align:middle;width:32.44%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The basic information of the above customers is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:5.5%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.67%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.62%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.5%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:12.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Customer Name</b></p></td><td style="vertical-align:middle;width:15.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Date of Establishment</b></p></td><td style="vertical-align:middle;width:18.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Registered Capital</b></p></td><td style="vertical-align:middle;width:15.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Profile</b></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Controlling Shareholder/Actual Controller</b></p></td><td style="vertical-align:middle;width:12.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Associated with the Issuer or not</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.5%;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:12.74%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Nanchang Kingsoon</font></p></td><td style="vertical-align:middle;width:15.67%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2015</font></p></td><td style="vertical-align:middle;width:18.03%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">RMB114,015,000 </font></p></td><td style="vertical-align:middle;width:15.17%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Mainly engaged in the development, production and sales of AlGaInP LED epilayers, chips and high-efficiency gallium arsenide solar cell epilayers.</font></p></td><td style="vertical-align:middle;width:20.62%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">WANG Xiangwu</font></p></td><td style="vertical-align:middle;width:12.24%;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.5%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:12.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Epi Solution Technology (Suzhou) Co., Ltd.</font></p></td><td style="vertical-align:middle;width:15.67%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2011</font></p></td><td style="vertical-align:middle;width:18.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">RMB60 million </font></p></td><td style="vertical-align:middle;width:15.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Supply high-quality epilayers with molecular beam epitaxy (MBE) to the global compound semiconductor market. </font></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Dikma Technologies Inc.</font></p></td><td style="vertical-align:middle;width:12.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">174</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Everbright Photonics</font></p></td><td style="vertical-align:middle;width:15.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2012</font></p></td><td style="vertical-align:middle;width:18.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">RMB101.7 million </font></p></td><td style="vertical-align:middle;width:15.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">It is a domestic manufacturer of semiconductor laser chips, components and modules and other core components in the laser industry. </font></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.49%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yunnan Lincang Xinyuan Germanium Industry Co., Ltd.</font></p></td><td style="vertical-align:middle;width:15.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1998</font></p></td><td style="vertical-align:middle;width:18.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">RMB</font><font style="font-size:10.5pt;">653.12 million</font></p></td><td style="vertical-align:middle;width:15.18%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Production, smelting and sales of germanium products, other metallurgical products and mineral products</font></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">W</font><font style="font-size:10.5pt;">U</font><font style="font-size:10.5pt;"> Kaihui, B</font><font style="font-size:10.5pt;">AO</font><font style="font-size:10.5pt;"> Wendong</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">N</font><font style="font-size:10.5pt;">o</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Overseas Direct Sales</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The types of products sold to the top five customers under the overseas direct sales model, sales amount sold to them and other related details were as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">175</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:10pt;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Year</b></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Customer Name</b></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Income</b></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Main Product Sold</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2021</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,979.70</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, gallium arsenide, germanium substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Osram</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,506.52</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Gallium arsenide, germanium substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Mo Sangyo Co, Ltd.</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,884.27</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, GaAs substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">IQE</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,060.02</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, GaAs substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer C</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,921.83</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">20,352.34</b></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2020</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">28,196.51</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, gallium arsenide, germanium substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SUMIDEN SHOJI CO., LTD</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,233.81</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Freiberger</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">415.87</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">CVT GMBH &amp; CO. KG</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">214.22</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible, PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Veeco Instruments Inc.</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">188.70</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible, PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">30,249.11</b></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.33%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><font style="font-size:10.5pt;">2019</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">22,144.98</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, gallium arsenide, germanium substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SUMIDEN SHOJI CO., LTD</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,304.47</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Freiberger</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">241.32</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Veeco Instruments Inc.</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">171.91</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible, PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">CVT GMBH &amp; CO. KG</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">102.76</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.38%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">23,965.44</b></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">AXT made a unified arrangement at the group level before March 2021, under which AXT would act as the entity of overseas sales to sell semiconductor substrate materials to overseas customers. Accordingly, in 2019 and 2020, all of our key customers of overseas direct sales other than AXT purchased PBN crucible, PBN plate and related products from Beijing Boyu. The basic information of the above customers is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">176</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:5.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.72%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.15%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:17.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Customer Name</b></p></td><td style="vertical-align:middle;width:14.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Date of Establishment</b></p></td><td style="vertical-align:middle;width:12.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Registered capital</b></p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Profile</b></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Controlling Shareholder/Actual Controller</b></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Associated with the Issuer or not</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.15%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:17.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:14.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1986</font></p></td><td style="vertical-align:middle;width:12.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">USD42,700</font></p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A NASDAQ-listed company (AXTI) and the Issuer&#8217;s controlling shareholder, operating no specific businesses </font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.15%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:17.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Osram</font></p></td><td style="vertical-align:middle;width:14.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1906</font></p></td><td style="vertical-align:middle;width:12.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">EUR5 million</font></p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A company listed on the Frankfurt Stock Exchange (OSR.DF), specializing in optical semiconductors, automotive components and digital technology </font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Osram GmbH</font></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.15%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:17.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Mo Sangyo Co, Ltd.</font></p></td><td style="vertical-align:middle;width:14.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1998</font></p></td><td style="vertical-align:middle;width:12.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">JPY10 million</font></p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A trader of semiconductor materials in Japan, whose customers include SONY and other well-known enterprises</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yukitoshi Ozaki</font></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.15%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:17.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">IQE</font></p></td><td style="vertical-align:middle;width:14.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1988</font></p></td><td style="vertical-align:middle;width:12.94%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Not disclosed</font></p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A London Stock Exchange listed </font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Invesco</font></p></td><td style="vertical-align:middle;width:11.49%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">177</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:5.19%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.12%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.72%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.84%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:14.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:19.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">company (IQE.L), a III-V epitaxy manufacturer, and the world&#8217;s leading designer and manufacturer of composite semiconductor wafers</font></p></td><td style="vertical-align:middle;width:19.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:17.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SUMIDEN SHOJI CO., LTD</font></p></td><td style="vertical-align:middle;width:14.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1936</font></p></td><td style="vertical-align:middle;width:13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">JPY930 million</font></p></td><td style="vertical-align:middle;width:19.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A subsidiary of Sumitomo (listed on Japan Stock Exchange (5802.T))</font></p></td><td style="vertical-align:middle;width:19.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Sumitomo Electric Industries, Ltd</font></p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:17.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Freiberger</font></p></td><td style="vertical-align:middle;width:14.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1949</font></p></td><td style="vertical-align:middle;width:13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">EUR512,000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:19.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">One of the major competitors of the Issuer, with its business covering GaAs substrates</font></p></td><td style="vertical-align:middle;width:19.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Federmann Enterprises Ltd</font></p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;width:17.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">CVT GMBH &amp; CO. KG</font></p></td><td style="vertical-align:middle;width:14.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1980</font></p></td><td style="vertical-align:middle;width:13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">EUR140,000</font></p></td><td style="vertical-align:middle;width:19.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A German manufacturer of high performance ceramics</font></p></td><td style="vertical-align:middle;width:19.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">CVT</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Verwaltungs</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">GmbH</font></p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.19%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:17.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Veeco Instruments Inc.</font></p></td><td style="vertical-align:middle;width:14.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1945</font></p></td><td style="vertical-align:middle;width:13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Not disclosed</font></p></td><td style="vertical-align:middle;width:19.94%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A NASDAQ-listed company (VECO) and a world&#8217;s leading manufacturer of precision measuring instruments and process equipment</font></p></td><td style="vertical-align:middle;width:19.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">178</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. Overseas Agency</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The types of products sold to the top five customers under the overseas agency model, sales amount sold to them and other related details were as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Year</b></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Customer Name</b></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Income</b></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Main Product Sold</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2021</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">LandMark Optoelectronics</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,731.71</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Visual Photonics Epitaxy</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,100.29</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, GaAs substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">LOUWERSHANIQUE</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,775.26</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Win Semiconductor</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,090.65</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP, GaAs substrate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PROWTECH, INC.</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">863.84</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">GaAs substrate, GaAs polycrystal, GaAs crystal rod</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">11,561.75</b></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2020</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">LOUWERSHANIQUE</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,758.69</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">ALPHA PLUS</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,294.25</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible, PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SFA ENGINEERING CORPORATION</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">33.73</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SVMTECH CO., LTD.</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">13.97</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">ZENITH TECH</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12.07</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">3,112.71</b></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.33%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><font style="font-size:10.5pt;">2019</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">ALPHA PLUS</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,277.28</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible, PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">LOUWERSHANIQUE</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,445.72</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SVMTECH CO., LTD.</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">114.79</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SFA ENGINEERING CORPORATION</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">93.56</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible, PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">KPM</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10.39</font></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN crucible, PBN plate</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.38%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">3,941.74</b></p></td><td style="vertical-align:middle;width:32.07%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT made a unified arrangement at the group level before March 2021, under</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">179</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">which AXT would act as the entity of overseas sales to sell semiconductor substrate materials to overseas customers. Since March 2021, the Issuer has been selling products directly to LandMark Optoelectronics and other customers from Taiwan, South Korea and other regions, and has entered relevant agency agreements with the agents. The basic information of the above customers is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.98%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.46%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.12%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.62%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.75pt;"><td style="vertical-align:middle;width:4.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Customer Name</b></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Date of Establishment</b></p></td><td style="vertical-align:middle;width:16.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Registered capital</b></p></td><td style="vertical-align:middle;width:14.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Profile</b></p></td><td style="vertical-align:middle;width:18.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Controlling Shareholder/Actual Controller</b></p></td><td style="vertical-align:middle;width:11.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Associated with the Issuer or not</b></p></td></tr><tr style="height:19.75pt;"><td style="vertical-align:middle;width:4.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">LandMark Optoelectronics</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1997</font></p></td><td style="vertical-align:middle;width:16.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">TWD913,692,000</font></p></td><td style="vertical-align:middle;width:14.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A listed company in Taiwan, the PRC (3081.TWO) and a global epitaky manufacturer of III-V semiconductor materials</font></p></td><td style="vertical-align:middle;width:18.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">ZHANG Jingyi</font></p></td><td style="vertical-align:middle;width:11.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.75pt;"><td style="vertical-align:middle;width:4.98%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Visual Photonics Epitaxy</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1996</font></p></td><td style="vertical-align:middle;width:16.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">TWD2.6 billion</font></p></td><td style="vertical-align:middle;width:14.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A listed company in Taiwan, the PRC (2455.TW) and a global epitaky manufacturer of III-V semiconductor materials</font></p></td><td style="vertical-align:middle;width:18.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">CHEN Jianliang</font></p></td><td style="vertical-align:middle;width:11.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">180</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="margin-left:-0.75pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100.14%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.97%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.46%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:14.11%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.62%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.75pt;"><td style="vertical-align:middle;width:4.97%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">LOUWERSHANIQUE</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2012</font></p></td><td style="vertical-align:middle;width:16.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Not disclosed</font></p></td><td style="vertical-align:top;width:14.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A manufacturer of precision glass and ceramics, formed in 2012 by the merger of Louwers Glastechniek (established in 1961) and Pulles &amp; Hanique (established in 1950), with its headquartered in the Netherlands.</font></p></td><td style="vertical-align:middle;width:18.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Muon. B.V.</font></p></td><td style="vertical-align:middle;width:11.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.75pt;"><td style="vertical-align:middle;width:4.97%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Win Semiconductor</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1999</font></p></td><td style="vertical-align:middle;width:16.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">TWD1 million</font></p></td><td style="vertical-align:top;width:14.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A global III-V semiconductor material OEM enterprise and a listed company in Taiwan (3105.TWO)</font></p></td><td style="vertical-align:middle;width:18.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Tien Ho Industrial Co., Ltd.</font></p></td><td style="vertical-align:middle;width:11.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.75pt;"><td style="vertical-align:middle;width:4.97%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PROWTECH, INC.</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2004</font></p></td><td style="vertical-align:middle;width:16.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">U</font><font style="font-size:10.5pt;">ndisclosed</font></p></td><td style="vertical-align:top;width:14.11%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A manufacturer of South Korea specialized in gallium arsenide materials and epitaxial wafers for infrared LED</font></p></td><td style="vertical-align:middle;width:18.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">N</font><font style="font-size:10.5pt;">o</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">181</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="margin-left:-0.75pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100.14%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.97%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.46%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.11%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.62%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.75pt;"><td style="vertical-align:middle;width:4.97%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SFA ENGINEERING CORPORATION</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1998</font></p></td><td style="vertical-align:middle;width:16.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">KRW750 billion</font></p></td><td style="vertical-align:middle;width:14.11%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A manufacturer of automation and logistics systems, offering manufacturing systems for the production of picture tubes, as well as stacker, sorter, conveyor and loader systems for automated distribution centres, listed in Korea (056190)</font></p></td><td style="vertical-align:middle;width:18.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">DY Holdings Co., Ltd.</font></p></td><td style="vertical-align:middle;width:11.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">182</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.62%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.48%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.75pt;"><td style="vertical-align:middle;width:4.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SVMTECH CO., LTD.</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2006</font></p></td><td style="vertical-align:middle;width:16.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">KRW40 billion</font></p></td><td style="vertical-align:middle;width:14.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A company specialized in welding technology and equipment for semiconductor, display, aerospace, defense industry, nuclear power and related applications, based on design and manufacturing technology in special cement fields.</font></p></td><td style="vertical-align:middle;width:18.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:21pt;margin:0pt;"><font style="font-size:10.5pt;">KIM, KI-SOO</font></p></td><td style="vertical-align:middle;width:11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.75pt;"><td style="vertical-align:middle;width:4.96%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">ZENITH TECH</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2014</font></p></td><td style="vertical-align:middle;width:16.48%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">KRW50 million</font></p></td><td style="vertical-align:middle;width:14.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">A manufacturer of electronic information products, optical products, diodes, transistors and similar semiconductor devices.</font></p></td><td style="vertical-align:middle;width:18.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">183</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="margin-left:-0.75pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.86%;"><tr style="height:19.75pt;"><td style="vertical-align:middle;width:4.98%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">KPM</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2010</font></p></td><td style="vertical-align:middle;width:16.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">KRW2 billion</font></p></td><td style="vertical-align:middle;width:14.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Engaged in the manufacturing and sales of electronic tubes, interface cards and other electronic components</font></p></td><td style="vertical-align:middle;width:18.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">4. Top five customers of accounts receivable after looking through AXT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After looking through AXT, at the end of each reporting period, the top five customers of the Company&#8217;s accounts receivable balance remain stable, as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:43.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company name</b></p></td><td colspan="2" style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of 2021</b></p></td><td colspan="2" style="vertical-align:middle;width:18.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of 2020</b></p></td><td colspan="2" style="vertical-align:middle;width:18.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:43.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:7.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">R</b><b style="font-size:10.5pt;font-weight:bold;">anking</b></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">B</b><b style="font-size:10.5pt;font-weight:bold;">alance</b></p></td><td style="vertical-align:middle;width:7.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">R</b><b style="font-size:10.5pt;font-weight:bold;">anking</b></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">B</b><b style="font-size:10.5pt;font-weight:bold;">alance</b></p></td><td style="vertical-align:middle;width:7.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">R</b><b style="font-size:10.5pt;font-weight:bold;">anking</b></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">B</b><b style="font-size:10.5pt;font-weight:bold;">alance</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Nanchang Kingsoon</font></p></td><td style="vertical-align:middle;width:7.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,224.17</font></p></td><td style="vertical-align:middle;width:7.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,841.28</font></p></td><td style="vertical-align:middle;width:7.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,665.21</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Osram</font></p></td><td style="vertical-align:middle;width:7.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,979.04</font></p></td><td style="vertical-align:middle;width:7.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,680.64</font></p></td><td style="vertical-align:middle;width:7.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,619.55</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Xinlei Semi-Conductor Technology (Suzhou) Co., Ltd.</font></p></td><td style="vertical-align:middle;width:7.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,748.70</font></p></td><td style="vertical-align:middle;width:7.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,008.69</font></p></td><td style="vertical-align:middle;width:7.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,167.45</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer B</font></p></td><td style="vertical-align:middle;width:7.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,639.37</font></p></td><td style="vertical-align:middle;width:7.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,478.52</font></p></td><td style="vertical-align:middle;width:7.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,752.76</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Landmark Optoelectronics</font></p></td><td style="vertical-align:middle;width:7.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,443.83</font></p></td><td style="vertical-align:middle;width:7.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,455.72</font></p></td><td style="vertical-align:middle;width:7.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,710.63</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.85%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:7.71%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">9,035.10</b></p></td><td style="vertical-align:middle;width:7.69%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">7,464.85</b></p></td><td style="vertical-align:middle;width:7.88%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">7,915.60</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: The balance of accounts receivable from customers with the same controller have been consolidated;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(</b><b style="font-size:12pt;font-weight:bold;">&#8547;</b><b style="font-size:12pt;font-weight:bold;">) Indicate the company names of the top five traders in each period of the reporting period, sales amount realized to them, history of cooperation with them, their major customers and cooperation with other semiconductor industry players;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, Mo Sangyo Co, Ltd. was the only trader customer of the Company and AXT before and after the business handover. Neither the Company nor AXT had other trader customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In order to promote the sales of our products in Japan, we signed a Long Term</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">184</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Sales Contract with Mo Sangyo Co, Ltd., a Japanese trader, according to the business practice in the Japanese semiconductor industry, under which the semiconductor substrate materials were mainly sold.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Prior to March 2021, the Issuer&#8217;s overseas sales of semiconductor substrate materials were carried out by AXT under the Group&#8217;s unified arrangement, so we did not have any trader customer in 2019 and 2020; meanwhile, AXT has no trade customer other than Mo Sangyo Co, Ltd.. After we completed the business handover in 2021, we began to directly deal with Mo Sangyo Co, Ltd., the Japanese trader customer. Mo Sangyo Co, Ltd. had been cooperating with AXT since 2005. In 2021, we realized the income of RMB38,842,700 through it, which is mainly attributed to the purchase of InP and GaAs substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the statement issued by Mo Sangyo Co, Ltd., its top five downstream customers during the reporting period are Dowa Holdings Co., Ltd., ROHM, SONY, SCIOCS, SHOWA DENKO, NEOPHOTONICS SEMICONDUCTOR GK and SEI YOKOHAMA RESEARCH LAB, all of whom are well-known semiconductor enterprises in Japan.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As per the statement issued by Mo Sangyo Co, Ltd., in addition to Beijing Tongmei, it has successively purchased semiconductor products from such suppliers as Epi Solution Technology, Opto Solution Technology, MONOCRYSTAL PLC and Silicon Technology since 2003.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(</b><b style="font-size:12pt;font-weight:bold;">&#8548;</b><b style="font-size:12pt;font-weight:bold;">) Indicate the sales amount realized to the agents and the arrangement of agency fees in each period of the reporting period.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the sales through agents and the agency fees of the Company in each period can be matched with each other. The sales revenue realized by the Company through agents is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:45.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.27%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.87%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:25.65pt;"><td style="vertical-align:middle;width:45.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:17.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:16.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:25.65pt;"><td style="vertical-align:middle;width:45.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Sales revenue realized through agents</font></p></td><td style="vertical-align:middle;width:20.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">14,563.58</font></p></td><td style="vertical-align:middle;width:17.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,135.30</font></p></td><td style="vertical-align:middle;width:16.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,983.49</font></p></td></tr><tr style="height:25.65pt;"><td style="vertical-align:middle;width:45.1%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Operating income</font></p></td><td style="vertical-align:middle;width:20.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">85,734.52</font></p></td><td style="vertical-align:middle;width:17.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">58,317.04</font></p></td><td style="vertical-align:middle;width:16.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">46,222.68</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">185</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:45.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.27%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.87%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:25.65pt;"><td style="vertical-align:middle;width:45.1%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Proportion</font></p></td><td style="vertical-align:middle;width:20.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">16.99%</font></p></td><td style="vertical-align:middle;width:17.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5.38%</font></p></td><td style="vertical-align:middle;width:16.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8.62%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q9. Procurement Mode and Major Suppliers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">9.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, 1) the main products of the Issuer include gallium arsenide, indium phosphide, germanium substrate, etc., and the raw materials required by the Issuer for production include high-purity arsenic, gallium, indium phosphide polycrystalline, germanium ingot, boron trichloride, quartz material, etc.; 2) during the reporting period, the procurement amounts of main raw materials account for 55.67%, 51.94%, 62.62% and 68.43% of the total purchase amount of all raw materials respectively; 3) during the reporting period, the Issuer had mastered the synthesis technology of indium phosphide polycrystalline and gradually replaced imported indium phosphide polycrystalline with its self-produced indium phosphide polycrystalline; 4) The purchase unit price of gallium increased year by year during the reporting period.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the correspondence between the raw materials required by the Company for the production and its main products, and the quantitative proportion between the main raw materials and finished products; (2) the articulation between the purchase volume of the main raw materials and the product output and inventory during the reporting period; (3) the reasons why the purchase unit price of gallium increased year by year during the reporting period, and the impact of the fluctuation of the purchase unit price on GaAs substrate and the Company&#8217;s total costs and gross margin; (4) the demand and purchase of raw materials after the self-production of indium phosphide polycrystalline; (5) the basic information of the purchase of raw materials other than the main raw materials, including the type and production purposes of materials.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">186</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 24.1pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The correspondence between the raw materials required by the Company for the production and its main products, and the quantitative proportion between the main raw materials and finished products;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company primarily produces InP, GaAs and germanium substrates, PBN crucibles and high-purity gallium with the raw materials mainly including red phosphorus, high-purity indium, InP polycrystal, high-purity arsenic, metal gallium, germanium ingots and boron trichloride, among others. The conversion process from raw materials to finished products of semiconductor substrate materials is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Product</b></p></td><td style="vertical-align:middle;width:30.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Main Step 1</b></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Main Step 2</b></p></td><td style="vertical-align:middle;width:23.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Main Step 3</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">InP substrate</font></p></td><td style="vertical-align:middle;width:30.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Synthesis of InP polycrystal from red phosphorus and high-purity indium</font></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Synthesis of InP substrate from self-produced and purchased InP polycrystal</font></p></td><td style="vertical-align:middle;width:23.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">GaAs substrate</font></p></td><td style="vertical-align:middle;width:30.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Purification of metal gallium to produce high-purity gallium</font></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Synthesis of GaAs polycrystal from high-purity arsenic and high-purity gallium</font></p></td><td style="vertical-align:middle;width:23.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Production of GaAs substrate from GaAs polycrystal</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.67%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Germanium substrate</font></p></td><td style="vertical-align:middle;width:30.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Production of germanium substrate from germanium ingot</font></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:23.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The specific proportioning between the inventory balance of main raw materials, the purchase volume and the finished products as well as the reasons for fluctuation during the reporting period can be referred to Q &#8220;9.I.(II) The articulation between the purchase volume of the main raw materials and the product output and inventory during the reporting period&#8221; hereof; and the quantitative proportion between InP polycrystal, GaAs polycrystal, germanium ingot and metal gallium, on the one hand, and finished products, on the other, of the Company is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">187</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">Unit: kg, 10,000 pieces</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Category</b></p></td><td style="vertical-align:middle;width:40.48%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Item</font></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:15.65%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:14.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">InP substrate</font></p></td><td style="vertical-align:middle;width:40.48%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Output of InP substrate (converted into 2 inches)</font></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">39.26</font></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">28.32</font></p></td><td style="vertical-align:middle;width:15.65%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">23.32</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:40.48%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Unit consumption of InP polycrystal</b></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">175.62</b></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">174.83</b></p></td><td style="vertical-align:middle;width:15.65%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">175.85</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:14.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">GaAs substrate</font></p></td><td style="vertical-align:middle;width:40.48%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Output of GaAs substrate (converted into 2 inches)</font></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">306.68</font></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">205.83</font></p></td><td style="vertical-align:middle;width:15.65%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">178.90</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:40.48%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Unit consumption of GaAs polycrystal</b></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">159.92</b></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">146.74</b></p></td><td style="vertical-align:middle;width:15.65%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">148.06</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:14.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Germanium substrate</font></p></td><td style="vertical-align:middle;width:40.48%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Output of germanium substrate (converted into 2 inches)</font></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">141.82</font></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">112.73</font></p></td><td style="vertical-align:middle;width:15.65%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">92.43</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:40.48%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Unit consumption of germanium ingot</b></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">57.09</b></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">60.47</b></p></td><td style="vertical-align:middle;width:15.65%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">55.35</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">PBN crucible</font></p></td><td colspan="4" style="vertical-align:middle;width:85.68%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Given PBN crucibles are mainly customized with different shape, size, performance and purpose and complex shape types, the unit consumption of raw materials for them is unstable without comparability</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.31%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Metal gallium</font></p></td><td style="vertical-align:middle;width:40.48%;border-bottom:1.5pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Unit consumption of gallium metal</b></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1.5pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1.21</b></p></td><td style="vertical-align:middle;width:14.77%;border-bottom:1.5pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1.30</b></p></td><td style="vertical-align:middle;width:15.65%;border-bottom:1.5pt solid #000000;border-left:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1.22</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the unit consumption of InP polycrystal, GaAs polycrystal and germanium ingot required by the Company for the production of various substrate materials, as well as the unit consumption of metal gallium for the production of high-purity gallium was relatively stable as a whole, with a slight difference in each year, mainly because:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Different customers had great differences in product parameter requirements, in response to which the Company needed to dope iron, sulfur and other substances to establish the product performance during production, resulting in different unit consumption of raw materials for each single product;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. The products had different thicknesses and edge angles to meet different customer needs, leading to different unit consumption of raw materials for products;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Affected by production factors such as field temperature control and personnel operation proficiency, there were losses for each product at varying degrees in the production process;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. For the specific reasons for the fluctuation in the unit consumption of the above related raw materials, please refer to &#8220;I.(II) The articulation between the purchase</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">188</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">volume of the main raw materials and the product output and inventory balance during the reporting period&#8221; under this Q9.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The articulation between the purchase volume of the main raw materials and the product output and inventory balance during the reporting period;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company&#8217;s main products include, among others, InP substrates, GaAs substrates, germanium substrates, PBN crucibles and high-purity gallium, with the main raw materials required for production being InP polycrystal, red phosphorus, high-purity indium, high-purity arsenic, metal gallium, germanium ingot and boron trichloride, etc..</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Red phosphorus, high-purity indium and InP polycrystal</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Proportioning during the reporting period</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the articulation between red phosphorus, high-purity indium and InP polycrystal, on the one hand, and the output of InP substrate, on the other, is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">Unit: kg, 10,000 pieces</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:36.95pt;"><td style="vertical-align:middle;width:18.23%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Category</b></p></td><td style="vertical-align:middle;width:52.68%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:18.23%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP polycrystal</font></p></td><td style="vertical-align:middle;width:52.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Output of InP substrate (converted into 2 inches)</font></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">39.26</font></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">28.32</font></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">23.32</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.23%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:52.68%;border-bottom:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Unit consumption of red phosphorus</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.29</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.30</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.30</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.23%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:52.68%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Unit consumption of high-purity indium</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.86</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.83</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.87</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.23%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP substrate</font></p></td><td style="vertical-align:middle;width:52.68%;border-bottom:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Unit consumption of InP polycrystal</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">175.62</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">174.83</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1.5pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">175.85</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Theoretical proportion</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">InP polycrystal (InP) is a compound with stable structure, whose unit molecule is composed of one unit phosphorus atom (P) and one unit indium atom (In). According to the molar mass of phosphorus atom and indium atom, the theoretical value of unit consumption of InP polycrystal is calculated as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.9pt;"><td style="vertical-align:middle;width:79.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Theoretical value</b></p></td></tr><tr style="height:19.9pt;"><td style="vertical-align:middle;width:79.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Molar mass of phosphorus atom (A)</font></p></td><td style="vertical-align:middle;width:20.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">30.97</font></p></td></tr><tr style="height:19.9pt;"><td style="vertical-align:middle;width:79.79%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Atomic molar mass of indium atom (B)</font></p></td><td style="vertical-align:middle;width:20.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">114.80</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">189</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.9pt;"><td style="vertical-align:middle;width:79.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Unit consumption of red phosphorus (A/(A+B)) </b></p></td><td style="vertical-align:middle;width:20.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.21</b></p></td></tr><tr style="height:19.9pt;"><td style="vertical-align:middle;width:79.79%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Unit consumption of high-purity indium</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"> (B/ (A+B)) </b></p></td><td style="vertical-align:middle;width:20.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.79</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon calculation by the Issuer according to the standard finished product parameters of each product, and subject to stable general production process, the theoretical InP polycrystal consumed for producing 10,000 pieces of 2-inch InP substrate has a weight of 173.23kg.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Comparative analysis</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the comparison between the actual proportioning in the production process of the Issuer and the theoretical value is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.62%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:13.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Theoretical value</b></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.62%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Unit consumption of red phosphorus</font></p></td><td style="vertical-align:middle;width:13.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.21 </font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 0.29 </font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 0.30 </font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 0.30 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.62%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Discrepancy rate</font></p></td><td style="vertical-align:middle;width:13.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">27.59%</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">30.00%</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">30.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.62%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Unit consumption of high-purity indium</font></p></td><td style="vertical-align:middle;width:13.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.79</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 0.86 </font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 0.83 </font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 0.87 </font></p></td></tr><tr style="height:27.2pt;"><td style="vertical-align:middle;width:35.62%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Discrepancy rate</font></p></td><td style="vertical-align:middle;width:13.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8.14%</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4.82%</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9.20%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.62%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Unit consumption of InP polycrystal</font></p></td><td style="vertical-align:middle;width:13.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">173.23 </font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">175.62 </font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">174.83 </font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">175.85 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.62%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Discrepancy rate</font></p></td><td style="vertical-align:middle;width:13.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.41%</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.96%</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.54%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: The discrepancy rate is calculated by (actual value - theoretical value) / actual value, the same below</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Longitudinal comparison</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the production of InP polycrystal, the unit consumption of red phosphorus and high-purity indium was relatively stable as a whole, with a normal phenomenon of slight fluctuation in each year. In 2020, the unit consumption of high-purity indium was 0.83, which was relatively low, mainly due to the fact that some InP polycrystal products were still in production in 2019 and 2021. After considering such factor, the unit consumption of high-purity indium in 2019 and 2021 would be 0.85, with a small discrepancy rate of 2.35% compared with 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the unit consumption of InP polycrystal required for the production of InP substrate was relatively stable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Comparison with theoretical value</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">190</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the unit consumption of InP polycrystal was basically consistent with the theoretical value. The unit consumption of high-purity indium required for the production of InP polycrystal showed a certain discrepancy from the theoretical value, while the unit consumption of red phosphorus had a substantial discrepancy from the theoretical value.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main reasons for the loss of red phosphorus lie in: 1) after red phosphorus entered the container containing metal indium in the form of gas after evaporation for synthesis, some red phosphorus adhered to the inner wall of the container without participating in product synthesis; 2) given the relatively uneven synthesized InP polycrystal, in order to meet the requirements of standard carrier concentration (which refers to the number of charges that can move freely in unit volume, the higher the carrier concentration, the better the conductivity), part of the InP polycrystal needed to be removed, and the removed part would be placed in a high temperature to gasify phosphorus, and then subject to leaching to form wastewater containing phosphoric acid for further treatment; 3) after InP polycrystal was produced into ingots, they needed to be polished or otherwise treated, as a result of which, the ingots in qualified finished products would has a smaller weight than the ingots discharged.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main reason for the loss of metal indium was also that ingots would, after being produced from InP polycrystal, need to be polished and made other treatments, resulting in a weight of ingots in qualified finished products being smaller than that of ingots discharged, and causing the loss of some metal indium.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, for the above reasons, the actual unit consumption of red phosphorus and the actual unit consumption of metal indium were higher than the theoretical value, of which the actual unit consumption of red phosphorus had more discrepancy from the theoretical value.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition, as per the public paper titled </font><i style="font-size:12pt;font-style:italic;">Synthesis, Growth and Characteristics of InP Crystals</i><font style="font-size:12pt;"> (a doctoral dissertation written by SUN Niefeng of Tianjin University), 4-6kg InP polycrystal can be synthesized by putting 1-1.4kg red phosphorus and 3-5kg high-purity indium into the InP polycrystal synthesis process. Based on such proportion, the theoretical unit consumption of red phosphorus is 0.17-0.35, and the unit</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">191</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">consumption of high-purity indium is 0.5-1.25; while according to the upper limit of the interval, the theoretical unit consumption of red phosphorus is 0.25 and the unit consumption of high-purity indium is 0.83. There is little discrepancy between the Company&#8217;s actual consumption and its theoretical consumption.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. High-purity arsenic, metal gallium and GaAs polycrystal</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Proportioning during the reporting period</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the articulation between high-purity arsenic, gallium metal and GaAs polycrystal, on the one hand, and the output of GaAs substrate, on the other, is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt;"><font style="font-size:10.5pt;">Unit: kg, 10,000 pieces</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:36.95pt;"><td style="vertical-align:middle;width:19.62%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Category</b></p></td><td style="vertical-align:middle;width:52.57%;border-bottom:1px solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:19.62%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">GaAs polycrystal</font></p></td><td style="vertical-align:middle;width:52.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Output of GaAs substrate (converted into 2 inches)</font></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">306.68</font></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">205.83</font></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">178.90</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:19.62%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:52.57%;border-bottom:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Unit consumption of high-purity arsenic</b></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.54</b></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.55</b></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1.0pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.52</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:19.62%;border-bottom:1.0pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:52.57%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Unit consumption of metal gallium</b></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1.21</b></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1px solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1.30</b></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1.22</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.62%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">GaAs substrate</font></p></td><td style="vertical-align:middle;width:52.57%;border-bottom:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Unit consumption of GaAs polycrystal</b></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">159.92</b></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1.5pt solid #000000;border-right:1.0pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">146.74</b></p></td><td style="vertical-align:middle;width:9.26%;border-bottom:1.5pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">148.06</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:24pt;margin:0pt 0pt 0pt 20pt;"><font style="font-size:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Theoretical proportion</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Gallium arsenide polycrystal (GaAs) is a compound with stable structure, whose unit molecule is composed of one unit arsenic atom (As) and one unit gallium atom (GA). According to the molar mass of arsenic atom and gallium atom, the specific theoretical value of unit consumption of GaAs polycrystal is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.9pt;"><td style="vertical-align:middle;width:79.86%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Theoretical value</b></p></td></tr><tr style="height:19.9pt;"><td style="vertical-align:middle;width:79.86%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Atomic molar mass of arsenic (A)</font></p></td><td style="vertical-align:middle;width:20.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">74.92</font></p></td></tr><tr style="height:19.9pt;"><td style="vertical-align:middle;width:79.86%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Atomic molar mass of gallium (B)</font></p></td><td style="vertical-align:middle;width:20.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">69.72</font></p></td></tr><tr style="height:19.9pt;"><td style="vertical-align:middle;width:79.86%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Unit consumption of high-purity arsenic (A/ (A+B)) </b></p></td><td style="vertical-align:middle;width:20.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.52</b></p></td></tr><tr style="height:19.9pt;"><td style="vertical-align:middle;width:79.86%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Unit consumption of metal gallium</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"> (B/ (A+B))</b></p></td><td style="vertical-align:middle;width:20.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.48</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon calculation by the Issuer according to the standard finished product parameters of each product, and subject to stable general production process, the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">192</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">theoretical GaAs polycrystal consumed for producing 10,000 pieces of 2-inch GaAs substrate has a weight of 120.13kg.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Comparative analysis</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the comparison between the actual proportioning in the production process of the Issuer and the theoretical value is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.86%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Theoretical value</b></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:15.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Unit consumption of high-purity arsenic</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.52</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.54</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.55</font></p></td><td style="vertical-align:middle;width:15.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.52</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Discrepancy rate</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3.70%</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5.45%</font></p></td><td style="vertical-align:middle;width:15.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Unit consumption of metal gallium</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.48</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.50</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.51</font></p></td><td style="vertical-align:middle;width:15.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.48</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Discrepancy rate</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4.00%</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5.88%</font></p></td><td style="vertical-align:middle;width:15.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Unit consumption of GaAs polycrystal</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">120.13</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;white-space:pre-wrap;"> 159.92 </font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;white-space:pre-wrap;"> 146.74 </font></p></td><td style="vertical-align:middle;width:15.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;white-space:pre-wrap;"> 148.06 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.23%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Discrepancy rate</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">24.88%</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">18.13%</font></p></td><td style="vertical-align:middle;width:15.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">18.86%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Longitudinal comparison</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the unit consumption of high-purity arsenic and high-purity gallium required for the production of GaAs polycrystal was relatively stable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As one of the main raw materials for the production of GaAs substrates, high-purity gallium is obtained by the Company through purification from gallium. The unit consumption of gallium in 2020 was slightly higher, mainly because, on the one hand, Nanjing Jinmei relocated its production line in 2019 to Chaoyang Jinmei in 2019, and the production process was gradually debugged and restored in 2020, thereby resulting in a large consumption; on the other hand, high-purity gallium with higher purity at 7N level produced in 2020 accounted for a relatively high proportion of 79.57%, representing an increase of 70.68% compared with that in 2019, and its unit consumption of gallium was relatively high, thereby increasing the whole unit consumption of gallium.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">The unit consumption of GaAs polycrystal was relatively stable in 2019 and 2020, and was increased slightly in 2021 mainly because: on the one hand, the output of 6-inch GaAs substrates increased by 5.49% year on year, resulting in relatively high consumption of GaAs polycrystals given the relatively thick large-size products; on the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">193</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">other, a large number of local employees from Chaoyang, Liaoning and Baoding, Hebei with contemplatively lower operation proficiency were recruited in 2021 due to the re-commissioning and expansion of the GaAs production line after relocation, resulting in the high consumption.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Comparison with theoretical value</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">During the reporting period, there was little discrepancy in the actual unit consumption of high-purity arsenic and that of high-purity gallium required for the production of GaAs polycrystal.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="color:#333333;font-size:12pt;">The actual unit consumption of GaAs polycrystals required for the production of each 10,000 pieces of 2-inch GaAs substrates had a relatively great discrepancy from the theoretical consumption. The main reason lies in the fact that the theoretical data was obtained according to the relevant production steps of 2-inch GaAs substrate, while the actual output was made according to the results of various sizes thereof after being converted into 2 inches, and generally the large-size products were relatively thicker requiring the consumption of more raw materials, resulting in a relatively high actual consumption. Based on the output of GaAs substrate of various sizes after they are converted into 2 inches during the reporting period, and in light of the theoretical consumption, it is concluded that the unit consumption of GaAs polycrystal required for the production of each 10,000 pieces of 2-inch </font><font style="color:#333333;font-size:12pt;">GaAs substrate is </font><font style="color:#333333;font-size:12pt;">146.93kg, with less discrepancy from the actual unit consumption.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. Germanium ingot</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the articulation between the germanium ingots and the output of germanium substrates is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">Unit: kg, 10,000 pieces</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:top;width:15.24%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Category</b></p></td><td style="vertical-align:middle;width:54.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:10.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:10.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:9.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:top;width:15.24%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Germanium substrates</font></p></td><td style="vertical-align:middle;width:54.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Output of germanium substrates (converted into 2 inches)</font></p></td><td style="vertical-align:middle;width:10.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">141.82</font></p></td><td style="vertical-align:middle;width:10.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">112.73</font></p></td><td style="vertical-align:middle;width:9.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">92.43</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:15.24%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:54.85%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Unit consumption of germanium ingots</b></p></td><td style="vertical-align:middle;width:10.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">57.09</b></p></td><td style="vertical-align:middle;width:10.29%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">60.47</b></p></td><td style="vertical-align:middle;width:9.35%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">55.35 </b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Germanium ingot is a single element. According to the standard finished product</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">194</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">parameters of each product and subject to stable general production process, the theoretical germanium ingot consumed for producing 10,000 pieces of 2-inch germanium substrate has a weight of 45.22kg. To sum up, the comparison between the actual proportioning in the production process of the Issuer and the theoretical value is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.86%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Theoretical value</b></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:15.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Unit consumption of germanium ingot</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">45.22</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;white-space:pre-wrap;"> 57.09 </font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;white-space:pre-wrap;"> 60.47 </font></p></td><td style="vertical-align:middle;width:15.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;white-space:pre-wrap;"> 55.35 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.23%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Discrepancy rate</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">20.79%</font></p></td><td style="vertical-align:middle;width:15.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">25.22%</font></p></td><td style="vertical-align:middle;width:15.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">18.30%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the unit consumption of germanium ingot for the production of germanium substrate was basically stable, which was slightly higher in 2020 mainly due to the fierce competition in the downstream market of germanium substrate with higher requirements from the Company&#8217;s downstream customers for the dislocation density of products that year, resulting in the increase of germanium ingot loss in the production process for the sake of meeting the low dislocation density requirements of substrate products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The actual unit consumption of germanium ingot required for the production of each 10,000 pieces of 2-inch germanium substrate had a relatively great discrepancy from the theoretical consumption, mainly because the theoretical data was obtained according to the relevant production steps of 2-inch germanium substrate, while the actual output was made according to the results of various sizes thereof after being converted into 2 inches, under which circumstance, given generally the large-size products were relatively thicker requiring the consumption of more raw materials, and the most of germanium substrate materials had a size of 4 inches, the revenue from products of which size accounted for 80.85%, 74.18% and 88.63% respectively during the reporting period, the actual consumption of germanium ingot was relatively high accordingly. Based on the output of germanium substrate of various sizes after they are converted into 2 inches during the reporting period, and in light of the theoretical consumption, it is concluded that the unit consumption of germanium ingot required for the production of each 10,000 pieces of 2-inch </font><font style="font-size:12pt;">germanium substrate is </font><font style="font-size:12pt;">61.83kg, with less discrepancy from the actual unit consumption.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">195</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">4. PBN crucible</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The PBN crucible of the Company was produced by its subsidiary Beijing Boyu using boron trichloride as the main raw material. Given PBN crucibles are mainly customized with different shape, size, performance and purpose and complex shape types, the unit consumption of raw materials for them is unstable having no comparability.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">5. High-purity gallium</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">High-purity gallium is both the product directly sold by the Company and the material for synthesizing GaAs polycrystal and further producing GaAs substrate, with its main raw material being metal gallium. The articulation between the purchase volume and inventory balance of metal gallium, on the one hand, and the output of high-purity gallium, on the other, during the reporting period can be referred to in &#8220;I.(II).2. High-purity arsenic, metal gallium, GaAs polycrystal&#8221; under this Q9.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The reasons why the purchase unit price of gallium increased year by year during the reporting period, and the impact of the fluctuation of the purchase unit price on GaAs substrate and the Company&#8217;s total costs and gross margin;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The reasons why the purchase unit price of gallium increased year by year during the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In the past two years, the prices of industrial raw materials have posed a general upward trend due to the domestic economic environment and COVID-19 pandemic. Gallium is extracted from bauxite ore. Due to the market environment of industrial raw materials, the price of gallium has risen sharply since the second half of 2020. According to Asian Metal&#8217;s statistics, the average ex-factory price of gallium during the reporting period is shown in the figure below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Unit: RMB/kg</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">196</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;"><img src="axti-20220418xex99d1042.jpg" alt="Graphic" style="display:inline-block;height:219.6pt;left:0%;padding-bottom:0.9pt;position:relative;top:0pt;width:415.3pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the average purchase unit price of gallium was RMB896.50 per kg, RMB1,010.25 per kg and RMB1,823.03 per kg respectively, which were consistent with market price fluctuations.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2.The impact of the fluctuation of the purchase unit price on GaAs substrate and the Company&#8217;s total costs and gross margin</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Judging from raw materials, the production of gallium arsenide mainly consumes gallium, high-purity arsenic, quartz materials, crucibles for crystal growth (mainly produced from boron trichloride and liquid nitrogen), chemical reagents, packaging materials and other materials. Taking 2021 as an example, subject to other conditions remaining unchanged, the sensitive impact of the purchase unit price of gallium increasing/decreasing by 10% and 20% on GaAs substrates and the Company&#8217;s total costs and gross margin in 2021 is analyzed as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:23.24%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item in 2021</b></p></td><td colspan="5" style="vertical-align:middle;width:76.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Unit Price of Gallium</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:23.24%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">+20%</b></p></td><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">+10%</b></p></td><td style="vertical-align:middle;width:15.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0</b></p></td><td style="vertical-align:middle;width:15.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-10%</b></p></td><td style="vertical-align:middle;width:15.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-20%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.24%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Revenue of GaAs substrates</font></p></td><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:11pt;">25,547.46</font></p></td><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:11pt;">25,547.46</font></p></td><td style="vertical-align:middle;width:15.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:11pt;">25,547.46</font></p></td><td style="vertical-align:middle;width:15.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:11pt;">25,547.46</font></p></td><td style="vertical-align:middle;width:15.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:11pt;">25,547.46</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.24%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Cost of GaAs substrates</font></p></td><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 19,955.94 </font></p></td><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 19,482.36 </font></p></td><td style="vertical-align:middle;width:15.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">19,008.77</font></p></td><td style="vertical-align:middle;width:15.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 18,535.18 </font></p></td><td style="vertical-align:middle;width:15.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 18,061.60 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.24%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Gross margin of GaAs substrates</font></p></td><td style="vertical-align:middle;width:15.33%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">21.89%</font></p></td><td style="vertical-align:middle;width:15.33%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">23.74%</font></p></td><td style="vertical-align:middle;width:15.35%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">25.59%</font></p></td><td style="vertical-align:middle;width:15.35%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">27.45%</font></p></td><td style="vertical-align:middle;width:15.35%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">29.30%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">197</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:23.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The Company&#8217;s total revenue</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">85,734.52</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">85,734.52</font></p></td><td style="vertical-align:middle;width:15.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">85,734.52</font></p></td><td style="vertical-align:middle;width:15.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">85,734.52</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">85,734.52</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The Company&#8217;s total costs</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 57,076.43 </font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 56,602.85 </font></p></td><td style="vertical-align:middle;width:15.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">56,129.26</font></p></td><td style="vertical-align:middle;width:15.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 55,655.67 </font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 55,182.09 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.25%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The Company&#8217;s overall gross margin</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">33.43%</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">33.98%</font></p></td><td style="vertical-align:middle;width:15.36%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">34.53%</font></p></td><td style="vertical-align:middle;width:15.36%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">35.08%</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">35.64%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">It can be seen from the aforesaid table that the fluctuation of the purchase unit price of gallium has little impact on the GaAs substrates and the Company&#8217;s total cost and gross margin if other conditions remain unchanged.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The demand and purchase of raw materials after the self-production of indium phosphide polycrystalline;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the purpose of self-producing indium phosphide polycrystalline, the Company needs to purchase red phosphorus and high-purity indium. The Company&#8217;s purchase amount for red phosphorus and high-purity indium and the proportion thereof in the total purchase amount during the reporting period are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0pt 42pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100.55%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:normal;width:19.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Raw Material</b></p></td><td colspan="2" style="vertical-align:middle;white-space:normal;width:25.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;white-space:normal;width:27.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;white-space:normal;width:27.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:19.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:11.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;white-space:normal;width:13.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;white-space:normal;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:19.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Red phosphorus</font></p></td><td style="vertical-align:middle;white-space:normal;width:11.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">375.04</font></p></td><td style="vertical-align:middle;width:14.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.93%</font></p></td><td style="vertical-align:middle;white-space:normal;width:13.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">630.89</font></p></td><td style="vertical-align:middle;width:14.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2.36%</font></p></td><td style="vertical-align:middle;white-space:normal;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">376.60</font></p></td><td style="vertical-align:middle;width:14.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2.19%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:19.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">High-purity Indium</font></p></td><td style="vertical-align:middle;white-space:normal;width:11.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">887.73</font></p></td><td style="vertical-align:middle;width:14.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2.19%</font></p></td><td style="vertical-align:middle;white-space:normal;width:13.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">534.85</font></p></td><td style="vertical-align:middle;width:14.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2.00%</font></p></td><td style="vertical-align:middle;white-space:normal;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">702.24</font></p></td><td style="vertical-align:middle;width:14.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4.08%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:19.27%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:normal;width:11.59%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,262.77</b></p></td><td style="vertical-align:middle;width:14.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">3.12%</b></p></td><td style="vertical-align:middle;white-space:normal;width:13.25%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,165.74</b></p></td><td style="vertical-align:middle;width:14.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">4.36%</b></p></td><td style="vertical-align:middle;white-space:normal;width:13.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,078.84</b></p></td><td style="vertical-align:middle;width:14.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">6.27%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the overall purchase amount for red phosphorus and high-purity indium increased year by year. On this regard, the purchase amount for red phosphorus decreased significantly in 2021, mainly because the Company reduced the purchase for the period based on its own inventory and production arrangement in response to the large number of red phosphorus unused at the beginning of the period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">198</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">while the purchase amount for high-purity indium was relatively low in 2020, mainly due to the decline of the purchase unit price in that year compared with 2019.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(V) The basic information of the purchase of other raw materials other than the main raw materials, including their type and production purposes.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, in addition to purchasing high-purity arsenic, gallium, indium phosphide polycrystalline, germanium ingot, boron trichloride, quartz materials and other main materials, as well as red phosphorus and high-purity indium, the Company mainly purchased other raw materials, including cutting, grinding and polishing materials, packaging materials, chemical reagents, graphite materials, liquid nitrogen and nitrogen materials and clean consumables. During the reporting period, the purchase amounts of the aforesaid other main raw materials were RMB42,553,500, RMB60,624,300 and RMB65,247,000 respectively, accounting for 24.69%, 22.65% and 16.08% of the total purchase amount respectively, and their production uses are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.86%;"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:44.4%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:55.59%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:44.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of Raw Material</b></p></td><td style="vertical-align:middle;width:55.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Production Use</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:44.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Cutting, grinding and polishing materials</font></p></td><td style="vertical-align:middle;width:55.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Consumables for slicing, grinding, polishing, and other processing of substrate materials</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:44.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Packaging material</font></p></td><td style="vertical-align:middle;width:55.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Providing packaging for semiconductor substrate materials in ultra clean manufacturing and transportation processes</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:44.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Chemical reagent</font></p></td><td style="vertical-align:middle;width:55.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Various chemical reagents such as hydrochloric acid, sulfuric acid, isopropanol, etc. required in the production process</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:44.4%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Graphite material</font></p></td><td style="vertical-align:middle;width:55.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Molds for production of semiconductor substrate materials and PBN materials, and consumables for purification, etc.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:44.4%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Liquid nitrogen and nitrogen materials</font></p></td><td style="vertical-align:middle;width:55.59%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Consumables for production of PBN materials, and materials for coolant </font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">199</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="margin-left:-0.75pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.86%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:44.41%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Cleaning consumables</font></p></td><td style="vertical-align:middle;width:55.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Consumables for producing semiconductor substrate materials and maintaining ultra clean environment</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">200</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">9.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, 1) during the reporting period, the purchase volume by the top five end suppliers of the Issuer accounted for approximately 35%; 2) there are multiple suppliers of some raw materials such as gallium and germanium ingot.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the purchase of main raw materials during the reporting period, including the names of major suppliers, main business, business scale, procurement amount, history of cooperation, etc.; (2) the reasons why there are multiple suppliers for the same raw material and whether it conforms to industry practices; (3) the amount and proportion of raw materials imported during the reporting period and whether the corresponding supply is available in China; (4) whether the supply of raw materials to the Supply is stable as judged in combination with the aforesaid situation.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:73.12pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">(I)</b></font><b style="font-size:12pt;font-weight:bold;"> The purchase of main raw materials during the reporting period, including the names of major suppliers, main business, business scale, procurement amount, history of cooperation, etc.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company&#8217;s raw materials for production mainly include high-purity arsenic, gallium, indium phosphide polycrystalline, germanium ingot, boron trichloride, quartz material, etc. During the reporting period, the relevant major suppliers of the Company&#8217;s aforesaid raw materials are as follow:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">201</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0pt 42pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:10.89%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Raw Material</b></p></td><td rowspan="2" style="vertical-align:middle;width:4.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">S/N</b></p></td><td rowspan="2" style="vertical-align:middle;width:25.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Supplier Name</b></p></td><td colspan="3" style="vertical-align:middle;width:22.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Purchase Amount</b></p></td><td rowspan="2" style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Main Business</b></p></td><td rowspan="2" style="vertical-align:middle;width:14.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Business Scale</b></p></td><td rowspan="2" style="vertical-align:middle;width:10.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">History of Cooperation</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.89%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:4.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:25.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:7.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:7.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td><td style="display:none;vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:14.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:10.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:10.89%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">High-purity arsenic</font></p></td><td style="vertical-align:middle;width:4.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:25.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AMALGAMET&#160;&#160;CANADA&#160;&#160;&#160;LP</font></p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,018.66</font></p></td><td style="vertical-align:middle;width:7.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:7.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Sales of metals and specialty chemicals</font></p></td><td style="vertical-align:middle;width:14.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was CAD18,818,000.</font></p></td><td style="vertical-align:middle;width:10.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began in September 2003.</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.89%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:4.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:25.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Dongfang Hi-purity, Donghai Juqing Trading Co., Ltd.</font></p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">377.01</font></p></td><td style="vertical-align:middle;width:7.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">906.54</font></p></td><td style="vertical-align:middle;width:7.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">789.97</font></p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Sales of high-purity arsenic</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:14.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB11,774,300.</font></p></td><td style="vertical-align:middle;width:10.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began in September 2014.</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.89%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:4.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:25.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">97.03</font></p></td><td style="vertical-align:middle;width:7.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">308.07</font></p></td><td style="vertical-align:middle;width:7.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">201.75</font></p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">No specific business is conducted.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:14.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB886,641,400.</font></p></td><td style="vertical-align:middle;width:10.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began upon the establishment of the Issuer.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:10.89%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:4.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:25.92%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">YONEDA CORPORATION</font></p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">93.83</font></p></td><td style="vertical-align:middle;width:7.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:7.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Import and export of high-purity metals, chemical products, ceramics, etc.</font></p></td><td style="vertical-align:middle;width:14.76%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB28.90 million.</font></p></td><td style="vertical-align:middle;width:10.9%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began in September 2017.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">202</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:top;width:10.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Emeishan Jiamei High-Purity Materials Co., Ltd.</font></p></td><td style="vertical-align:middle;width:9.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">88.65</font></p></td><td style="vertical-align:middle;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Operating high-purity arsenic products</font></p></td><td style="vertical-align:middle;width:15.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB959,500.</font></p></td><td style="vertical-align:middle;width:12.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began in January 2008.</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:20.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:9.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,675.17</b></p></td><td style="vertical-align:middle;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,214.61</b></p></td><td style="vertical-align:middle;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">991.72</b></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:15.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:4.5pt;"><td rowspan="3" style="vertical-align:middle;width:10.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Gallium</font></p></td><td style="vertical-align:middle;width:3.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:16.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Xing</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:10.5pt;">an Gallium</font></p></td><td style="vertical-align:middle;width:9.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6,366.75</font></p></td><td style="vertical-align:middle;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,075.53</font></p></td><td style="vertical-align:middle;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">609.98</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Production and sales of gallium</font></p></td><td style="vertical-align:top;width:15.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB125 million.</font></p></td><td style="vertical-align:middle;width:12.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began in December 2011.</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:16.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Guangxi Tiandong Jinxin Rare Metal Materials Co., Ltd.</font></p></td><td style="vertical-align:middle;width:9.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,291.46</font></p></td><td style="vertical-align:middle;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,226.55</font></p></td><td style="vertical-align:middle;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">178.76</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Production and sales of gallium</font></p></td><td style="vertical-align:top;width:15.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">The annual revenue in 2020 was RMB47.03 million.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began in September 2019.</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:16.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">China Aluminum International Trading Co., Ltd., Chinalco Rare EARTH&amp;METALS International Trade Co., Ltd.</font></p></td><td style="vertical-align:middle;width:9.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,409.90</font></p></td><td style="vertical-align:middle;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">608.47</font></p></td><td style="vertical-align:middle;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">188.63</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Production and sales of gallium</font></p></td><td style="vertical-align:top;width:15.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB253 million.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began in December 2007.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:10.77%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.54%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:16.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Pinglu Youying Gallium Industry Co., Ltd.</font></p></td><td style="vertical-align:middle;width:9.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">957.18</font></p></td><td style="vertical-align:middle;width:8.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:8.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">R&amp;D, production and sales of gallium</font></p></td><td style="vertical-align:top;width:15.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB82,158,400.</font></p></td><td style="vertical-align:middle;width:12.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began in September 2021.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">203</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:top;width:13.28%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:14.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">East Hope Jinzhong Aluminum Industry Co., Ltd., East Hope Mianchi Gallium Industry Co., Ltd., East Hope (Sanmenxia) Aluminum Industry Co., Ltd.</font></p></td><td style="vertical-align:middle;width:10.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">821.15</font></p></td><td style="vertical-align:middle;width:8.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">587.04</font></p></td><td style="vertical-align:middle;width:9.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Production and sales of gallium</font></p></td><td style="vertical-align:middle;width:16.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No data was provided.</font></p></td><td style="vertical-align:middle;width:12.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began in May 2007.</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.28%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:14.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Jiya Semiconductor Material Co., Ltd.</font></p></td><td style="vertical-align:middle;width:10.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">692.57</font></p></td><td style="vertical-align:middle;width:8.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Production and sales of gallium</font></p></td><td style="vertical-align:middle;width:16.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB95,109,000.</font></p></td><td style="vertical-align:middle;width:12.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began in June 2010.</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.28%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;width:14.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Others</b></p></td><td style="vertical-align:middle;width:10.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">711.08</font></p></td><td style="vertical-align:middle;width:8.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">852.38</font></p></td><td style="vertical-align:middle;width:9.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:16.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.28%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:17.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:10.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">15,250.09</b></p></td><td style="vertical-align:middle;width:8.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">6,349.97</b></p></td><td style="vertical-align:middle;width:9.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">977.37</b></p></td><td style="vertical-align:middle;width:12.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:16.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.28%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Indium phosphide polycrystalline</font></p></td><td style="vertical-align:middle;width:3.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:14.02%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">WAFER TECHNOLOGY LIMITED </font></p></td><td style="vertical-align:middle;width:10.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,230.59</font></p></td><td style="vertical-align:middle;width:8.35%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">693.76</font></p></td><td style="vertical-align:middle;width:9.18%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,485.51</font></p></td><td style="vertical-align:middle;width:12.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Production and sales of indium phosphide polycrystalline and other semiconductor products</font></p></td><td style="vertical-align:middle;width:16.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was GBP8,096,000.</font></p></td><td style="vertical-align:middle;width:12.59%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began in September 2005.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">204</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:top;width:13.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="3" style="vertical-align:middle;width:17.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:9.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,230.59</b></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">693.76</b></p></td><td style="vertical-align:middle;width:8.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,485.51</b></p></td><td style="vertical-align:middle;width:13.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:13.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">G</font><font style="font-size:10.5pt;">ermanium ingot</font></p></td><td style="vertical-align:middle;width:3.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Hengyang Hengrong High Purity Semiconductor Material Co., Ltd.</font></p></td><td colspan="2" style="vertical-align:middle;width:10.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,738.18</font></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,680.02</font></p></td><td style="vertical-align:middle;width:8.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,500.28</font></p></td><td style="vertical-align:middle;width:13.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Production and sales of zone-refined germanium ingots</font></p></td><td style="vertical-align:middle;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB36.75 million.</font></p></td><td style="vertical-align:middle;width:12.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">October </font><font style="font-size:10.5pt;">201</font><font style="font-size:10.5pt;">7</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Nanjing Zhemai Metal Trade Co., Ltd.</font></p></td><td colspan="2" style="vertical-align:middle;width:10.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,391.34</font></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,123.39</font></p></td><td style="vertical-align:middle;width:8.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">124.19</font></p></td><td style="vertical-align:middle;width:13.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Sales of non-ferrous metals, processing and sales of semiconductor materials, etc.</font></p></td><td style="vertical-align:middle;width:15.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB73.68 million.</font></p></td><td style="vertical-align:middle;width:12.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">May </font><font style="font-size:10.5pt;">2017</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:13.27%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Tongli Germanium</font></p></td><td colspan="2" style="vertical-align:middle;width:10.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">469.50</font></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:8.73%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">764.57</font></p></td><td style="vertical-align:middle;width:13.11%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Smelting and purification of germanium-bearing lignite coal, production and sales of germanium finishing products</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:15.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB31,413,900.</font></p></td><td style="vertical-align:middle;width:12.3%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">March </font><font style="font-size:10.5pt;">2008</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">205</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:10.61%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:3.55%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.32%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.32%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.32%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.7%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:16.96%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:10.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:14.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:9.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">628.89</font></p></td><td style="vertical-align:middle;width:9.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">171.62</font></p></td><td style="vertical-align:middle;width:13.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No specific business was conducted.</font></p></td><td style="vertical-align:top;width:16.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB886,641,400.</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The cooperation began upon the establishment of the Issuer.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:10.61%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:14.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Jiangsu Ningda Environmental Protection Co., Ltd.</font></p></td><td style="vertical-align:middle;width:9.32%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.32%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,186.18</font></p></td><td style="vertical-align:middle;width:9.32%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">318.54</font></p></td><td style="vertical-align:middle;width:13.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Germanium recycling, landfill of industrial solid waste, electronic waste recycling and dismantling, environmental protection equipment development</font></p></td><td style="vertical-align:top;width:16.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2018 was RMB296 million; the revenue from January to September 2019 was RMB185 million.</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">August </font><font style="font-size:10.5pt;">2019</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">206</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:top;width:10.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">4,619.11</b></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">4,618.48</b></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2,879.19</b></p></td><td style="vertical-align:middle;width:14.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:17.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:10.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">B</font><font style="font-size:10.5pt;">oron trichloride</font></p></td><td style="vertical-align:middle;width:3.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:14.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Dalian F.T.Z. Credit Chemical Technology Development Co., Ltd.</font></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">590.41</font></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">577.10</font></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">674.29</font></p></td><td style="vertical-align:middle;width:14.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Operating high-purity electronic gas, fine chemicals, etc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB210 million.</font></p></td><td style="vertical-align:middle;width:11.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">September </font><font style="font-size:10.5pt;">2007</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:14.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Jiangxi Hongqiang Technology Co., Ltd.</font></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">215.93</font></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">103.71</font></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Production and sales of chemical products such as boron trichloride, etc.</font></p></td><td style="vertical-align:middle;width:17.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB13,524,600.</font></p></td><td style="vertical-align:middle;width:11.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">August </font><font style="font-size:10.5pt;">2020</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:14.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Shanghai Showa Chemicals Co., Ltd.</font></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">198.29</font></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">200.87</font></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">238.37</font></p></td><td style="vertical-align:middle;width:14.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Operating the high-purity specialty gases and high-purity chemicals</font></p></td><td style="vertical-align:middle;width:17.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Not data was provided.</font></p></td><td style="vertical-align:middle;width:11.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November </font><font style="font-size:10.5pt;">2013</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:10.9%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:14.38%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Chuangxin Shiye Technology and Trade Co., Ltd.</font></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">33.85</font></p></td><td style="vertical-align:middle;width:9.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">129.52</font></p></td><td style="vertical-align:middle;width:14.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Sales of chemical products, etc.</font></p></td><td style="vertical-align:middle;width:17.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB1.10 million.</font></p></td><td style="vertical-align:middle;width:11.02%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">October </font><font style="font-size:10.5pt;">2002</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">207</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:top;width:9.5%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:15.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Others</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4.91</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.31</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:18.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:9.5%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:18.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,009.54</b></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">915.83</b></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,042.18</b></p></td><td style="vertical-align:middle;width:14.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:18.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:9.5%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Quartz material</font></p></td><td style="vertical-align:middle;width:3.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:15.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Kaide Quartz Co., Ltd.</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,799.41</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,071.18</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,017.09</font></p></td><td style="vertical-align:middle;width:14.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Mainly engaged in the research and development, production and sales of quartz glass products such as quartz instruments, quartz pipes, quartz boats, etc.</font></p></td><td style="vertical-align:middle;width:18.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2020 was RMB163,525,100.</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">April </font><font style="font-size:10.5pt;">2004</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:9.5%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.65%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:15.11%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Quick Gem Optoelectronic S&amp;T Co., Ltd.</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">811.26</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">769.96</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">514.72</font></p></td><td style="vertical-align:middle;width:14.02%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Providing quartz products, etc.</font></p></td><td style="vertical-align:middle;width:18.35%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The annual revenue in 2021 was RMB180,031,800.</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">May </font><font style="font-size:10.5pt;">2011</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">208</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:top;width:9.5%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:15.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Others</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">238.51</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">124.81</font></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">42.49</font></p></td><td style="vertical-align:middle;width:14.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:18.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:9.5%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:18.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">3,849.18</b></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2,965.95</b></p></td><td style="vertical-align:middle;width:9.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,574.30</b></p></td><td style="vertical-align:middle;width:14.02%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:18.35%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: The data of the main business and business scale come from the descriptions issued by the suppliers, the interview records with the suppliers, the prospectus of Kaide Quartz, the annual report of Futong Information, the relevant announcements from GEM, etc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">209</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The reasons why there are multiple suppliers for the same raw material and whether it conforms to industry practices;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The reason why there are multiple suppliers for the same raw material</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company has a globalized procurement system, established a standardized procurement system, implemented standardized procurement control procedures, and formed long-term mutually beneficial and win-win relationships with suppliers so as to maintain the stable supply of raw materials. The procurement center conducts procurement through quality and price comparison within the scope of qualified suppliers, and follows up and supervises the purchase price in accordance with the relevant regulations. Therefore, the main reasons why there are multiple suppliers for the same raw materials are as follows: (1) the benign competition among suppliers, and the procurement through quality and price comparison is adopted for similar raw materials from different suppliers so as to reduce procurement costs while the quality of raw materials is guaranteed; (2) the multi-channel procurement is adopted to ensure the stability of the sources of supply and to prevent the supply shortage due to the existence of a single supplier.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether it is consistent with the industry practices</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to P257 of the Reply to the Letter of Inquiry on the Approval of Application Documents of National Silicon Industry Group for the Initial Public Offering of Shares and Listing on the STAR Market to NSIG, &#8220;during the reporting period, the Company mainly purchased its key raw material polysilicon from Wacker Group, Hemlock and Marubeni Corporation. In 2016, 2017, 2018 and from January to September 2019, the combined polysilicon procurement amount from the said three companies accounted for 87.35%, 75.73%, 95.51% and 94.45% of the Company&#8217;s polysilicon procurement amount respectively...&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to P104 of SICC&#8217;s Prospectus (Registered Draft), &#8220;the Company implements a &#8220;A+B+C&#8221; model in managing some key materials, of which Category A means the first supplier of such material, which is a leading brand at the international; Category B means the second supplier, which is a leading brand at home or abroad; and Category C means an alternative supplier, which is a newly developed domestic</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">210</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">supplier. The Company forms a comprehensive layout of domestic and international suppliers in the said manner so as to reduce the impact of the suppliers, changes in trading policies and other circumstances.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In view of the foregoing, it is reasonable for the Company to have multiple suppliers for the same raw material, and such circumstance is consistent with the industry practices.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The amount and proportion of raw materials imported during the reporting period and whether the corresponding supply is available in China;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company&#8217;s raw materials for production mainly include high-purity arsenic, gallium, indium phosphide polycrystalline, germanium ingot, boron trichloride, quartz material, etc. During the reporting period, the purchase amounts of the aforesaid major raw materials were RMB89,502,800, RMB167,586,100 and RMB276,336,800 respectively, of which the import amounts and proportions involved were as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0pt 42pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:6.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">S/N</b></p></td><td rowspan="2" style="vertical-align:middle;width:17.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Main Raw Material</b></p></td><td colspan="2" style="vertical-align:middle;width:25.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:25.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;width:25.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:6.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Import Amount</b></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Import Proportion</b></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Import Amount</b></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Import Proportion</b></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Import Amount</b></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Import Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:17.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">High-purity arsenic</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,209.52</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">72.20%</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">308.07</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">25.36%</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">201.75</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">20.34%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:17.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Gallium</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:17.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Indium phosphide polycrystalline</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,230.59</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">100.00%</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">693.76</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">100.00%</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,485.51</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">100.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:17.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">germanium ingot</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">628.89</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">13.62%</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">171.62</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5.96%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.43%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:17.26%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Boron trichloride</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">211</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:17.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Quartz material</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">37.68</font></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.27%</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:23.69%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2,440.11</b></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">8.83%</b></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,668.40</b></p></td><td style="vertical-align:middle;width:14.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">9.96%</b></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,858.88</b></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">20.77</b><b style="font-size:10.5pt;font-weight:bold;">%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the total import amounts of the aforesaid major raw materials were RMB18,588,800, RMB16,680,400 and RMB24,401,100 respectively, and the import proportions were 20.77%, 9.96% and 8.83% respectively, and such amounts and proportions were relatively smaller and decreased year by year. Among them, gallium and boron trichloride were purchased from domestic suppliers; high-purity arsenic, germanium ingots and quartz materials were partially imported.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Indium phosphide polycrystalline was 100% imported from the foreign supplier WAFER TECHNOLOGY LIMITED, mainly because the domestic synthesis process was relatively weaker and cannot guarantee the quality required by the Company; in order to further enhance its competitiveness, reduce the risk of import, and continue to extend to the upstream of the industry chain, the Company has mastered the synthesis technology of indium phosphide polycrystalline and gradually replaced the imported indium phosphide polycrystalline with self-produced indium phosphide polycrystalline.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Up to now, the Company has realized the self-production of InP polycrystal. &#160;Corresponding suppliers are available in China for other main raw materials except InP polycrystal.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) Whether the supply of raw materials to the Company is stable as judged in combination with the aforesaid situation.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In combination with the aforesaid situations: 1. The Company has multiple supplies of its main raw materials, and except for indium phosphide polycrystalline, there are two or more suppliers for each of the remaining main raw materials to ensure stable supply; 2. the overall business scale of the aforesaid suppliers is relatively larger, and they have a long history of cooperation with the Company, and there has been a good basis for cooperation and mutual trust; 3. The fact that the Company purchases the same raw material from multiple suppliers is based on its actual situation and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">212</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">business philosophy, and such circumstance is reasonable and meets industry practices; 4. The overall import amounts and proportions of the Company&#8217;s main raw materials were relatively smaller, and the Company has mastered the synthesis technology of indium phosphide polycrystalline and gradually replaced imported indium phosphide polycrystalline with its self-produced indium phosphide polycrystalline.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition, the Company improves its cooperation with raw material suppliers through investment to ensure the stability of raw material supply.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In view of the foregoing, the supply of raw materials to the Company is relatively stable, but there are risks of dependence on some supplies of key raw materials and fluctuations in the prices of raw materials. For relevant details of risk warning and significant matters, please refer to &#8220;II. (IV) Risks of Dependence on Some Suppliers of Key Raw Materials and Fluctuations in Prices of Raw Materials&#8221; in the &#8220;Significant Matters&#8221; in the Prospectus and &#8220;II. (ii)Risks of Dependence on Some Suppliers of Key Raw Materials and Fluctuations in Prices of Raw Materials&#8221; in &#8220;Section IV Risk Factors&#8221; of the Prospectus.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q10. Revenue Confirmation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, 1) the Issuer adopted a variety of sales modes during the reporting period, and a part of sales contracts involved customer acceptance terms; 2) For domestic sales, the Issuer shall confirm the revenue in combination with the logistics receipt records. For overseas sales, the Issuer shall confirm the revenue according to the customs declaration form or by transporting the goods to the designated place; 3) From 2018 to 2020, the Issuer achieved about 50% of the sales revenue through AXT; 4) The Issuer provided AXT with processing materials supplied by customers in 2018, with an amount of RMB93.4538 million.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer</b><b style="font-size:12pt;font-weight:bold;"> is required</b><b style="font-size:12pt;font-weight:bold;"> to explain: (1) the revenue confirmation method and basis applicable to the sales modes such as consignment, agents and traders; (2) whether it conforms to the contract and the product delivery process by taking the logistics receipt record, customs declaration form, etc. as the basis for revenue</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">213</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">confirmation of goods circulation, delivery methods, customer confirmation mode, payment collection mode, etc. for different sales modes; (3) whether the revenue confirmation method applicable to the part of sales revenue realized through AXT and the implementation of accounting policies are consistent; (4) the return and exchange of products during and after the reporting period and main reasons; (5) details of the provision of processing materials supplied by customers to AXT, and the revenue confirmation method applicable to the relevant revenue.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the reporting accountant are requested to explain the verification method, basis and conclusion for the following matters: (1) the matching between the revenue confirmation method and the contract and product delivery under different sales modes; (2) authenticity of sales revenue at home and abroad.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 24.1pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Revenue confirmation methods and basis applicable to sales modes such as consignment, agents and traders;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the revenue recognition methods and basis applicable to such sales modes as consignment, agents and traders of the Company are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div style="margin-left:-0.75pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100.14%;"><tr style="height:1pt;"><td colspan="2" style="vertical-align:middle;width:15.06%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:23.17%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:42.29%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="2" style="vertical-align:middle;width:19.17%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:15.06%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Consignment mode</b></p></td><td style="vertical-align:middle;width:42.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Agent sales mode</b></p></td><td colspan="2" style="vertical-align:middle;width:19.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trade sales mode</b></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:15.1%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Revenue confirmation methods</p></td><td colspan="2" style="vertical-align:middle;width:23.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Revenue is confirmed when the consignor actually collects consumption</p></td><td colspan="2" style="vertical-align:middle;width:42.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Different trade methods lead to different revenue confirmation methods:</p><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:14.2pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">1.</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">FOB, CIF: Revenue is confirmed when the goods are shipped and relevant customs declaration procedures are completed;</p></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:14.2pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">2.</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">CIP, DAP and DDU etc., or not agreed: Revenue is confirmed when the goods are transported to the place designated by the customer</p></div></div></div></td><td colspan="2" style="vertical-align:middle;width:19.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Revenue is confirmed when a trader sells products to downstream customers.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">214</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="margin-left:-1.5pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.1%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Revenue confirmation basis</p></td><td style="vertical-align:middle;width:23.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:12.35pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">1.</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Confirm the sales quantity and sales time according to the statement of account with the consignor;</p></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:12.35pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">2.</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">Confirm the sales unit price according to the sales order</p></div></div></div></td><td style="vertical-align:middle;width:42.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">1.</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">FOB, CIF: Confirm the sales time with the customs clearance time of the customs declaration form; Confirm the sales quantity with the quantity recorded in the customs declaration form; Confirm the sales unit price according to the sales order&#65307;</p></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:15.75pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">2.</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">CIP, DAP and DDU etc., or not agreed: Confirm the sales quantity with the logistics receipt record&#65307;Confirm the sales unit price according to the sales order</p></div></div></div></td><td style="vertical-align:middle;width:19.19%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Confirm the sales quantity and sales time according to the statement of account with the trader;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Confirm the sales unit price according to the sales order.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Whether it conforms to the contract and the product delivery process by taking the logistics receipt record, customs declaration form, etc. as the basis for revenue confirmation of goods circulation, delivery methods, customer confirmation mode, payment collection mode, etc. for different sales modes;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Specific conditions of goods circulation, delivery method, customer confirmation method, payment collection method, etc. for different sales modes</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the goods circulation, delivery methods, customer recognition methods and payment collection methods in different sales modes of thE Company are detailed below:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:14.75%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:24.46%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="2" style="vertical-align:middle;width:19.76%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="2" style="vertical-align:middle;width:21.3%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="2" style="vertical-align:middle;width:19.65%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:17pt;"><td style="vertical-align:middle;width:14.75%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:24.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Consignment sales</b></p></td><td colspan="2" style="vertical-align:middle;width:19.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Agent sales</b></p></td><td colspan="2" style="vertical-align:middle;width:21.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Trader salese</b></p></td><td colspan="2" style="vertical-align:middle;width:19.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Direct sales</b></p></td></tr><tr><td style="vertical-align:middle;width:14.75%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Goods circulation</p></td><td colspan="2" style="vertical-align:middle;width:24.52%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Production is carried out according to the sales order. After production, the Company will deliver the products to the warehouse designated by the consignor, who will receive the products as needed</p></td><td colspan="2" style="vertical-align:middle;width:19.78%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Production is carried out according to the sales order. After production, the Company sends the products to the delivery place specified in the sales order</p></td><td colspan="2" style="vertical-align:middle;width:21.32%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Production is carried out according to the sales order. After production, the Company will send the products to the traders, who will further sell the products to downstream customers</p></td><td colspan="2" style="vertical-align:middle;width:19.61%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Production is carried out according to the sales order. After production, the Company will send the products to the delivery place designated by direct sales</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">215</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="margin-left:-0.75pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:99.86%;"><tr><td style="vertical-align:middle;width:14.75%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Delivery method</p></td><td style="vertical-align:middle;width:24.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The delivery shall be deemed to be completed based on the actual receiving of the consignor</p></td><td style="vertical-align:middle;width:19.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Confirm the delivery method according to the corresponding trade method and the sales order with the downstream customers</p></td><td style="vertical-align:middle;width:21.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">According to the sales agreement with the trader, when the product is sold to the trader&#8217;s downstream customers, it is deemed that the delivery is completed</p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Confirm the delivery method according to the sales order with direct sales and the corresponding trade method</p></td></tr><tr><td style="vertical-align:middle;width:14.75%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Customer confirmation method</p></td><td style="vertical-align:middle;width:24.51%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Send monthly statement of account for confirmation</p></td><td style="vertical-align:middle;width:19.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">According to the sales orders with the downstream customers, the downstream customers confirm according to the corresponding trade methods, such as customs declaration form, logistics receipt records, etc.</p></td><td style="vertical-align:middle;width:21.32%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">After the trader completes the delivery to the downstream customers, the statement of account shall be sent monthly for confirmation</p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">According to the sales order with direct sales, direct sales confirms according to the corresponding trade method, such as customs declaration form, logistics receipt record, etc.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">216</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:14.82%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:24.48%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.74%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.29%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.65%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:middle;width:14.82%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Payment collection methods</p></td><td style="vertical-align:middle;width:24.48%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Bank transfer</p></td><td style="vertical-align:middle;width:19.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Bank transfer</p></td><td style="vertical-align:middle;width:21.29%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Bank transfer</p></td><td style="vertical-align:middle;width:19.65%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Bank transfer/Banker&#8217;s acceptance bill/Commercial acceptance bill</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether it conforms to the contract and the product delivery process by taking the logistics receipt record, customs declaration form, etc. as the basis for revenue confirmation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Logistics receipt records and customs declaration forms are mainly used for revenue confirmation in direct sales and agency mode: according to the sales orders signed by the Company with different customers and product delivery process, customs declaration forms are used as the basis for revenue confirmation in FOB and CIF mode; the logistics receipt record is used as the basis for revenue confirmation under other modes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In case of FOB and CIF, the time point of product control transfer occurs when the products cross the ship&#8217;s rail during sea transportation, or when the products have been handed over to the air carrier or agent during air transportation. Since there is no record carrier for the time point of risk reward/control transfer, it is difficult to determine. The Company believes that when the products are shipped and the customs declaration procedures are completed, it is operable and in line with market practice to take the time point specified in the customs declaration form as the basis for revenue confirmation. Therefore, taking the customs declaration form as the basis for revenue confirmation is in line with the contract and the product delivery process.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In case of CIP, DAP and DDU, etc., the time point of product risk return/control transfer occurs when the product delivery is completed, that is, the time point of revenue confirmation shall be when the product delivery is completed. The Company delivers the products to the customer according to the sales order. At this time, the Company has transferred the risk reward/control right of the goods to the customer to complete its performance obligations, and the sales revenue can be confirmed. The Company usually</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">217</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">delivers the products to the delivery place designated by the customer by express. After the goods are signed, the Issuer confirms the customer&#8217;s receipt of the goods according to the &#8220;signed in&#8221; displayed in the logistics information of the express bill. Therefore, the logistics receipt record is used as the proof that the customer has completed the sign in, which can be used as the basis for revenue confirmation, and is in line with the contract and product delivery process.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition, the Company&#8217;s products are mainly non standardized products. After delivery of products by the Company to customers, some customers will inspect the products mainly by, among others, checking whether the appearance and quantity of the products are defective, for acceptance. If quality problems are found in the products after they are accepted by the customer, both parties will follow the relevant return procedures of the Company, and the corresponding batch of products will be returned or replaced to the extent the Company is liable therefor after verification.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Whether the revenue confirmation method applicable to the part of sales revenue realized through AXT and the implementation of accounting policies are consistent;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Accounting Standards for Business Enterprises No. 14 - Revenue, since AXT can control the products after purchasing the products from the Company and before transferring the products, it is judged that AXT is the main responsible person. Therefore, the Company loses its control over the products after selling the products to AXT, and confirms the revenue after the products are delivered.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company judges AXT as the main responsible person for the following reasons:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. AXT has the pricing power when selling the products purchased from the Company, and can independently determine the price of products sold to downstream customers;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. AXT&#8217;s payment of goods to the Company is not related to AXT&#8217;s collection of payment from downstream customers, that is, AXT pays goods to the Company on a regular basis and does not default on the Company&#8217;s payment because its downstream customers default on the payment;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">218</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. AXT is primarily responsible for selling to downstream customers. AXT promises to provide quality assurance services to downstream customers and bear the responsibility of quality assurance. The Company does not bear any responsibility of quality assurance to downstream customers;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. The trade between the Company and AXT is made on terms of FOB, under which AXT needs to bear the risk of damage and loss of inventory before product transfer. During sea transportation, when the products cross the ship&#8217;s rail or during air transportation, when the products are delivered to the custody of the air carrier or agent, the Company can confirm the sales revenue. When the Company completes the product delivery obligation, the performance obligation of the sales contract will be completed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Assuming that the Company recognizes revenue from sales of products to AXT when AXT sells the same, the comparison between its such revenue and the current revenue during the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Item</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Revenue recognized when selling products to AXT </font><font style="font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">85,734.52</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">58,317.04</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">46,222.68</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Revenue recognized when AXT sells products </font><font style="font-size:10.5pt;">&#9313;</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">87,015.33</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">59,078.36</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">45,758.80</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Discrepancy </font><font style="font-size:10.5pt;">&#9314;</font><font style="font-size:10.5pt;"> = </font><font style="font-size:10.5pt;">&#9313;</font><font style="font-size:10.5pt;"> - </font><font style="font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,280.81</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">761.32</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-463.88</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.14%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Discrepancy rate </font><font style="font-size:10.5pt;">&#9315;</font><font style="font-size:10.5pt;"> = </font><font style="font-size:10.5pt;">&#9314;</font><font style="font-size:10.5pt;"> &#247; </font><font style="font-size:10.5pt;">&#9313;</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.47%</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.29%</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1.01%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As can be seen from the above table, the discrepancy between the revenue of the Company from sales of products to AXT on the assumption that it is recognized when AXT sells the same and its current one is small, which was mainly caused by the time difference.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, since the trading mode of sales orders signed between the Company and AXT has not changed significantly, the Company has not significantly changed the sales revenue confirmation method of AXT, and the implementation of accounting policies is consistent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The return and exchange of products during and after the reporting period and the main reasons;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">219</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During and after the reporting period (as of the end of February 2022), the amount of goods returned and exchanged by the Issuer was RMB1.8611 million, RMB2.5389 million, RMB4.5334 million and RMB828,400 (unaudited) respectively, accounting for 0.40%, 0.51%, 0.54% and 0.50% (unaudited) of the main business revenue of the current period, respectively, with small proportion, mainly due to the surface defects of the Company&#8217;s semiconductor substrate materials after customers&#8217; epitaxial production, in response to which, the Company will have the following after-sales processing: when the sold products can be processed and utilized, they will be resent to the customer after the repair meets the relevant technical standards; When the product is damaged and cannot be recycled, the customer will be compensated and sent a new product.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(V) Details of the provision of processing materials supplied by customers to AXT, and the revenue confirmation method applicable to the relevant revenue.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the beginning of its establishment, the Company mainly focused on overseas customers. AXT, as the entity making sales and purchasing raw materials overseas, provided the Company with main raw materials, etc., took delivery of semiconductor substrate products from the Company after processing by the Company, and sold them to overseas customers. AXT provides or designates main raw materials and a certain amount of auxiliary materials. The Issuer provides processing business against consideration, covering processing fees and other costs (self-purchased main and auxiliary materials, labor, depreciation, amortization, etc.). Under the processing mode with supplied materials, the Issuer does not record the materials provided by AXT, and confirms it as processing service revenue.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">With the rapid development of the semiconductor industry in China, downstream customers have grown rapidly, and the production level of domestic suppliers has gradually improved. Since August 2018, the business between AXT and the Issuer has changed from entrusted processing to general trade.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2018, the main raw materials and auxiliary materials from AXT for processing received by the Company, the production costs invested by the Company and the corresponding income are detailed as below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">220</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:14.74%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.67%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.62%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.46%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.41%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.08%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Product name</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Input of main materials and auxiliary materials provided by AXT</b></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Some main materials and other auxiliary materials invested by the Issuer</b></p></td><td style="vertical-align:middle;width:20.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Other labor and manufacturing expenses invested by the Issuer</b></p></td><td style="vertical-align:middle;width:13.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Revenue from processing with supplied materials</b></p></td><td style="vertical-align:middle;width:13.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion of revenue</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">GaAs substrate</font></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,167.16 </font></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,420.73 </font></p></td><td style="vertical-align:middle;width:20.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,731.51</font></p></td><td style="vertical-align:middle;width:13.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6,000.27</font></p></td><td style="vertical-align:middle;width:13.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">64.21%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP substrate</font></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,096.23 </font></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">805.56 </font></p></td><td style="vertical-align:middle;width:20.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,903.04</font></p></td><td style="vertical-align:middle;width:13.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,487.93</font></p></td><td style="vertical-align:middle;width:13.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26.62%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.74%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Germanium substrate</font></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">830.43 </font></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">161.95 </font></p></td><td style="vertical-align:middle;width:20.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">404.37</font></p></td><td style="vertical-align:middle;width:13.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">857.17</font></p></td><td style="vertical-align:middle;width:13.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9.17%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.74%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">5,093.82 </b></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">3,388.24 </b></p></td><td style="vertical-align:middle;width:20.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">5,038.92</b></p></td><td style="vertical-align:middle;width:13.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">9,345.37</b></p></td><td style="vertical-align:middle;width:13.08%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the processing and sales business with materials supplied by AXT, the relevant processing revenue is recognized using the net method when the Issuer has completed the customs declaration of the goods according to the contract, the relevant economic benefits are likely to flow in, and the main risks and rewards of property in the goods have been transferred.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer recognizes the revenue from professing with supplied materials by the net amount method. In 2018, the Company still applied the Accounting Standards for Business Enterprises No. 14 - Revenue (CK [2006] No. 3), but since the standards have no express provisions on how to judge a principal liable person and an agent, the Issuer made the judgment the same with reference to the provisions on applicable revenue recognition of the Accounting Standards for Business Enterprises No. 14 - Revenue (CK [2017] No. 22).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Pursuant to Article 34 of the Accounting Standards for Business Enterprises No. 14 - Revenue (CK [2017] No. 22), an enterprise shall judge whether it acts as the principal liable person or an agent when conducting transactions based on the fact whether it has the right to control the goods before transferring them to the customer. If the enterprise is able to control the goods before transferring them to the customer, the enterprise acts as the principal liable person and shall recognize revenue according to the total consideration received or receivable; otherwise, the enterprise acts as an agent and shall recognize revenue according to the amount of expected commission or handling charge to which the enterprise is entitled, and such an amount shall be</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">221</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">determined according to the total consideration received or receivable deducted by the price to be paid to other parties, or according to a specified commission amount or proportion, among others.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In light of the contractual terms, the basis for the Issuer to determine the use of net amount method for recognizing revenue from processing with supplied materials is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Whether the enterprise is primarily responsible for transferring goods to the customer: the Issuer does not assume the primary responsibility for transferring goods to AXT as raw materials are mainly supplied by AXT or purchased from suppliers designated by AXT, and the entrusted processing technical standards and quality requirements are formulated by AXT;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Whether the enterprise bears inventory risks in relation to the goods before or after the transfer thereof: for the raw materials supplied by AXT, the ownership and control of their inventories remain with AXT, with the Issuer only bearing the risk of damage to and loss of such inventories caused by improper storage;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Whether the enterprise has the right to independently decide on the price of traded goods: the price of the products sold by the Issuer to AXT does not include the cost of corresponding raw materials, and the Company can only price the processing fees included in the final products and the materials purchased by itself, having no full right to decide on the sales price of the final products;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the Issuer&#8217;s processing with supplied materials is in essence a business whereby the main raw materials are supplied by AXT or purchased from suppliers designated by AXT, and the Issuer processes goods in accordance with AXT&#8217;s quality standards against the charge of processing fees. The Issuer only bears the risk of damage to and loss of inventories caused by improper storage without full right to decide on the sales price of the final products. The Issuer judges that the Company has no control right over the goods before transferring them and thus acts as an agent in such business with reference to the Accounting Standards for Business Enterprises No. 14 - Revenue (CK [2017] No. 22). Accordingly, the net method is used for the recognization of relevant revenue.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">222</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The Sponsor and the reporting accountant are requested to explain the verification method, basis and conclusion for the following matters: (1) the matching between the revenue confirmation method and the contract and product delivery under different sales modes; (2) authenticity of sales revenue at home and abroad.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Verification method, basis and conclusion of matching between revenue recognition method and contract agreement and product delivery under different sales modes</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In view of the matching of revenue confirmation method with contract agreement and product delivery under different sales modes, the Sponsor and reporting accountant have implemented the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Understand the Issuer&#8217;s revenue confirmation policy, analyze and evaluate whether the Issuer&#8217;s revenue confirmation policy is appropriate;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Obtain and review the sales contracts or orders signed between the Issuer and its main customers, and check the terms of agreed rights and obligations, main risks and remuneration assumption and so on in the contract; the terms of performance obligations and control transfer of relevant goods or services in the contract, according to the Accounting Standards for Business Enterprises No. 14 - Revenue, analyze and evaluate the rationality of the Issuer&#8217;s revenue confirmation policy;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Implement the walk-through procedure and cut-off test procedure for the revenue during the reporting period; compare and analyze the original vouchers related to revenue confirmation with the relevant terms of the customer&#8217;s corresponding contract or order;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Interview the main customers under different business models to understand their cooperation background, business model, main contract terms, etc.;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After verification, the Sponsor and the reporting accountant believe that during the reporting period, the Company&#8217;s revenue confirmation method under different sales modes matched the contract and product delivery.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Verification method, basis and conclusion of the authenticity of domestic</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">223</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">and foreign sales revenue</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the authenticity of domestic and foreign sales revenue, the Sponsor and the Reporting Accountant have implemented the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Understand the key internal control related to revenue recognition, evaluate the internal control design, determine whether it has been implemented, and test the operation effectiveness of relevant internal control;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Check the main sales contracts, identify the terms related to the main risks of commodity ownership and the transfer of remuneration/control, and evaluate whether the revenue confirmation policy complies with the provisions of the Accounting Standards for Business Enterprises;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Sampling inspection of domestic and foreign sales revenue, and inspection of original contracts, invoices, customs declarations forms, logistics records and other original documents, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.05%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:20.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:21.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.05%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Income covered by sampling</font></p></td><td style="vertical-align:middle;width:20.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">38,952.41</font></p></td><td style="vertical-align:middle;width:20.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">30,170.54</font></p></td><td style="vertical-align:middle;width:21.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">25,792.81</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.05%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Operating income</font></p></td><td style="vertical-align:middle;width:20.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">85,734.52</font></p></td><td style="vertical-align:middle;width:20.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">58,317.04</font></p></td><td style="vertical-align:middle;width:21.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">46,222.68</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.05%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Coverage ratio</font></p></td><td style="vertical-align:middle;width:20.64%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">45.43%</font></p></td><td style="vertical-align:middle;width:20.64%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">51.74%</font></p></td><td style="vertical-align:middle;width:21.66%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">55.80%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Conduct a cut-off test on the sales situation before and after the balance sheet date, check the delivery order, customs declaration form, packing list, bill of lading, invoice and other documents, and check whether the revenue is intertemporal;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(5) Implement analytical procedures, check the fluctuations of major customers during the reporting period, and learn from the Issuer about the business cooperation background of new major customers and the main reasons for revenue fluctuations;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(6) Send letters to customers for the revenues during the reporting period and each closing transaction balance to confirm the authenticity and accuracy of the revenue amount, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Ratio of </font><font style="font-size:10.5pt;">accounts receivable balance covered by confirmation request letter &#160;</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">92.94%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">92.56%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">96.74%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">224</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:50.25%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Ratio of operating income covered by confirmation request letter </font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">90.32%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">89.57%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">94.14%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Proportion of reply (calculated by the amount of accounts receivable in the reply)</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">86.70%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">98.76%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">99.22%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Proportion of reply (calculated by the amount of operating income in the reply)</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">81.22%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">99.22%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">98.60%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Seek confirmations from end customers after looking through AXT for the sales of products during the reporting period, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;white-space:pre-wrap;"> 2021</b></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Proportion of amount from major customers covered by confirmation request letter in AXT&#8217;s operating income</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">68.50%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">75.51%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">68.63%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Proportion of reply (calculated by the amount of operating income in the reply)</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">77.41%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">62.84%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">53.43%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">(7) Obtain the Issuer&#8217;s electronic port data, check the electronic port data with the Company&#8217;s book export revenue, and analyze the reasons for the discrepancy, with the verified export revenue as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:99.63%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:20.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:20.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">E-port data </font><font style="font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">11,805.39</font></p></td><td style="vertical-align:middle;width:20.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">33,536.69</font></p></td><td style="vertical-align:middle;width:20.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">27,965.77</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The </font><font style="font-size:10.5pt;">Issuer&#8217;s overseas sales revenue </font><font style="font-size:10.5pt;">&#9313;</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10,506.71</font></p></td><td style="vertical-align:middle;width:20.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">33,609.67</font></p></td><td style="vertical-align:middle;width:20.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">28,038.70</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Discrepancy</font><font style="font-size:10.5pt;"> </font><font style="font-size:10.5pt;">&#9314;</font><font style="font-size:10.5pt;"> = </font><font style="font-size:10.5pt;">&#9313;</font><font style="font-size:10.5pt;"> - </font><font style="font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1,298.68</font></p></td><td style="vertical-align:middle;width:20.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">72.98</font></p></td><td style="vertical-align:middle;width:20.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">72.93</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.43%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Discrepancy rate </font><font style="font-size:10.5pt;">&#9315;</font><font style="font-size:10.5pt;">=</font><font style="font-size:10.5pt;">&#9314;</font><font style="font-size:10.5pt;">/</font><font style="font-size:10.5pt;">&#9313;</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-12.36%</font></p></td><td style="vertical-align:middle;width:20.86%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.22%</font></p></td><td style="vertical-align:middle;width:20.86%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.26%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20pt;margin:0pt 0pt 12pt 0pt;">Note: Since the Company&#8217;s sales of semiconductor substrate materials overseas have been carried out through AXT-Tongmei since March 2021, the E-port data and the Issuer&#8217;s overseas sales revenue in 2021 are only based on the overseas sales directly carried out by the Issuer&#8217;s domestic entities in China.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">It can be seen from the above table that in 2019 and 2020, the Issuer&#8217;s E-port data was basically consistent with the export revenue data; the relatively large discrepancy in 2021 arose mainly from the new consignment customers of the Company due to the business handover between AXT and </font><font style="font-size:10.5pt;">AXT-</font><font style="font-size:12pt;">Tongmei in March 2021. For details, please refer to &#8220;X.(II).6.(5) Collection of price for goods and adjustments to sales during the period for which ATX&#8217;s business was transferred to the Company&#8217;s subsidiary in the US&#8221; in Section VII of the Prospectus. After excluding the above factors, there was no discrepancy between the Company&#8217;s E-port data and export revenue data in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">225</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(8) Obtain the Issuer&#8217;s tax exemption and refund declaration form and approval notice, check with the export sales revenue and analyze the reasons for the differences;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(9) Interview the main customers in each reporting period through video or field visit to understand the rights and obligations undertaken by the Company, specific terms of the contract, corresponding after-sales service arrangements, etc., form interview records on the transaction essence and transaction volume in the reporting period to confirm the occurrence of the transaction, and interview with end customers after looking through AXT to see whether the products sold by the Company through AXT have been finally sold, etc.; during the reporting period, the amount covered by the interview and its proportion in operating income are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Period</b></p></td><td colspan="2" style="vertical-align:middle;width:39.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Before looking through AXT</b></p></td><td colspan="2" style="vertical-align:middle;width:40.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">After looking through AXT</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:20.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td></tr><tr style="height:29.95pt;"><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2021</font></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">65,416.89</font></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">76.30%</font></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">63,814.92</font></p></td><td style="vertical-align:middle;width:20.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">74.43%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2020</font></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">50,838.82</font></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">87.18%</font></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">43,891.79</font></p></td><td style="vertical-align:middle;width:20.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">75.26%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.98%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2019</font></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">38,421.51</font></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">83.12%</font></p></td><td style="vertical-align:middle;width:19.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">32,503.22</font></p></td><td style="vertical-align:middle;width:20.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">70.32%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: Before looking through AXT, AXT was the interviewee of the Company, while after looking through AXT, the end and major customers of AXT were the interviewees of the Company, so the overall amount covered by the interview reduced to a certain extent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(10) Obtain the sales details of AXT during the reporting period, and check through comparison whether there is a significant difference between its income and the income of the Issuer during the reporting period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(11) Examine the Company&#8217; receipts during the reporting period randomly;, check the corresponding bookkeeping vouchers and bank receipts, and verify the authenticity of the Company&#8217;s revenue;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(12) Check the credit reports of major overseas customers, enterprise credit information and other public information of domestic companies, verify their business scale and shareholder composition, check the questionnaire filled in by the Issuer, directors, supervisors and senior managers, and confirm whether there is an association relationship between overseas customers and the Company and related parties;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(13) Check the account statements of the Issuer, directors, supervisors, senior</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">226</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">managers, important financial personnel and other interested parties during the reporting period to confirm whether the Company has external collection.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After verification, the Sponsor and the reporting accountant believe that the domestic and foreign sales of the Company are authentic, accurate and complete during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q11. Sales Revenue and Gross Profit Margin</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, 1) during the reporting period, the main operating income of the Issuer showed an overall growth trend, and the main products include InP substrate, GaAs substrate, germanium substrate, PBN material and other high-purity materials, with different products in various specifications and wide downstream application field; 2) During the reporting period, the comprehensive gross profit margin of the Issuer was 30.65%, 19.43%, 25.68% and 33.02% respectively. which fluctuated due to the change of product structure, and its own gross profit margin; 3) The gross profit margin of GaAs substrate materials and germanium substrate materials showed a downward trend.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the composition of main business revenue based on the product end-use application; (2) the price-volume analysis for the sales revenue during the reporting period based on the subdivisions and types of products; (3) the quantitative analysis for the factors affecting the gross profit margin during the reporting period, and comparison of the gross profit margin from the main businesses between the Company and equivalents in the same industry; (4) the reasons for the continuous decline in gross margin for GaAs and germanium substrate products during the reporting period.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanation from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Composition of main business revenue based on the product end-use application;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">227</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the main business revenue of the Company was classified as below based on the product end-use application:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 20pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:46.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">End-use application</b></p></td><td colspan="2" style="vertical-align:middle;width:17.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:17.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;width:18.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:46.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">Ratio</b></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">Ratio</b></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">Ratio</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:9.5pt;">5G, data center and optical fiber communication</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">26,312.97</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">30.81%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">13,099.71</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">22.47%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">14,821.92</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">26,312.97</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:9.5pt;">The new generation display (including Mini LED and Micro LED)</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">14,178.65</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">16.60%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">12,419.65</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">21.30%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">8,007.80</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">14,178.65</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:9.5pt;">Aerospace</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">10,045.60</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">11.76%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">8,331.64</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">14.29%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">6,121.34</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">10,045.60</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:9.5pt;">Crystal growth crucible</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">5,602.90</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">6.56%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">4,338.64</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">7.44%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">4,100.14</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">5,602.90</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:9.5pt;">Artificial intelligence and unmanned driving</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">5,472.75</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">6.41%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">5,739.12</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">9.84%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">1,677.78</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">5,472.75</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:9.5pt;">Wearable equipment</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">5,320.53</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">6.23%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">2,436.64</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">4.18%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">2,065.10</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">5,320.53</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:9.5pt;">Industrial laser</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">5,066.71</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">5.93%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">2,555.82</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">4.38%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">1,833.59</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">5,066.71</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:9.5pt;">OLED crucible</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">2,971.30</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">3.48%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">2,410.57</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">4.13%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">2,693.92</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">2,971.30</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:9.5pt;">MO source</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">2,887.49</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">3.38%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">1,086.38</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">1.86%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">865.17</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">2,887.49</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.49%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:9.5pt;">Other</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">7,545.54</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">8.84%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">5,890.55</font></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:9.5pt;">10.10%</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">4,034.03</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="font-size:9.5pt;">7,545.54</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.49%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">85,404.44</b></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:9.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">58,308.72</b></p></td><td style="vertical-align:middle;width:8.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="color:#333333;font-size:9.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">46,220.79</b></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-size:9.5pt;font-weight:bold;">85,404.44</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: The above classification is based on the applications of products of the Company&#8217;s lower-tier customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The products of the Company are mostly applied in 5G, data center, optical fiber communication, the new generation display (including Mini LED and Micro LED), aerospace, compound semiconductor crystal growth, artificial intelligence and others, accounting for over 70% of the main operating income of the Company. Such applications in above fields constitute the main revenue of the Company. In 2021, with the rapid development of 5G communication, big data and cloud computing and the further expansion of downstream substrate market demand, the Company recorded a</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">228</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">rapid increase in the sales of InP substrate materials, further promoting the rapid scaling up of its business. Additionally, the Company continued to strengthen the product sales to downstream customers and in application fields, having a rapid growth of sales revenue driven by the application of substrate products in industrial lasers and wearable devices and the application of PBN products in OLED, etc..</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Price-volume analysis for the sales revenue during the reporting period based on the subdivisions and types of products</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Semiconductor substrate materials</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The semiconductor substrate materials of the Company includes indium phosphide, gallium arsenide and germanium substrate, among which 3-inch indium phosphide, 6-inch gallium arsenide and 4-inch germanium substrate are the main products, accounting for over 50% of various products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) InP substrate</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the changes in unit price, sales volume and revenue of the main specification of the InP substrate and other specification of the products of the Company during the reporting period are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 20pt;"><font style="font-size:10.5pt;">Unit:</font><font style="font-size:10.5pt;"> RMB0&#8217;000</font><font style="font-size:10.5pt;">, 10,000 pieces and RMB/piece</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Specification</b></p></td><td rowspan="2" style="vertical-align:middle;width:21.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Major customers</b></p></td><td rowspan="2" style="vertical-align:middle;width:11.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:20.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:20.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:21.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3-inch</font></p></td><td rowspan="3" style="vertical-align:middle;width:21.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Customer A, Landmark Optoelectronics, Customer C, Mo Sangyo Co, Ltd.</font></p></td><td style="vertical-align:middle;width:11.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue </font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">13,123.02</font></p></td><td style="vertical-align:middle;width:9.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">137.53%</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,524.75 </font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-23.22%</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">7,195.22 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:21.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6.65</font></p></td><td style="vertical-align:middle;width:9.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">29.63%</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5.13 </font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-8.23%</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5.59 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:21.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,973.39</font></p></td><td style="vertical-align:middle;width:9.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">83.24%</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,076.95 </font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-16.33%</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,287.16 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other specifications</font></p></td><td style="vertical-align:middle;width:21.26%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Landmark Optoelectronics, </font></p></td><td style="vertical-align:middle;width:11.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue </font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">15,056.14</font></p></td><td style="vertical-align:middle;width:9.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">108.28%</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">7,228.88 </font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">91.45%</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,775.94 </font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">229</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:top;width:14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td rowspan="2" style="vertical-align:middle;width:21.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Visual Photonics Epitaxy, Fujian Z.k. Litecore Co., Ltd., IQE, Epihouse Optoelectronics Co., Ltd.</font></p></td><td style="vertical-align:middle;width:11.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">16.91</font></p></td><td style="vertical-align:middle;width:9.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">24.98%</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">13.53 </font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">50.17%</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9.01 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:21.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:11.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">890.37</font></p></td><td style="vertical-align:middle;width:9.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">66.65%</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">534.29 </font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">27.49%</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">419.08 </font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:14%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Total</font></p></td><td rowspan="3" style="vertical-align:top;width:21.26%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:top;width:11.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue </font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">28,179.15</font></p></td><td style="vertical-align:middle;width:9.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">120.95%</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,753.63</font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">16.25%</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10,971.16</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:21.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">23.56</font></p></td><td style="vertical-align:middle;width:9.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26.26%</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">18.66</font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">27.87%</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">14.59</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:21.26%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,196.06</font></p></td><td style="vertical-align:middle;width:9.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">74.98%</font></p></td><td style="vertical-align:middle;width:10.78%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">683.54</font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-9.09%</font></p></td><td style="vertical-align:middle;width:11.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">751.87</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2020, the unit price of 3-inch InP substrate decreased by 16.33% on a year-on-year basis, mainly because that on the one hand, the purchase price of indium phosphide polycrystalline reduced by 8.58%; on the other hand, the sales volume of Customer A, the biggest customer of 3-inch products at home, decreased largely in 2020 due to its high standard of product performance and parameter and high price of its products, all of which make the unit price of 3-inch indium InP substrate reduced. The sales volume of the products in 2020 are mainly caused by the reduced orders of Customer A.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2020, the unit price of InP substrate in other specifications increased by 27.49% from RMB1.373 million in 2019 to RMB8.9586 million since: Visual Photonics Epitaxy purchased 4-inch InP substrate in a larger quantity and enhanced its products performance and quality which made the unit price raised quickly; the price also increased with the rise of the overall market demand from overseas customers and the improvement of product quality requirements; in 2020, the sales volume of indium phosphide in other specifications increased by 50.17% on a year-on-year basis driven by the rapid demand growth due to the fast development of 5G communication, big data, cloud computing and others.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2021, the unit price of InP substrate increased by 83.24% for the 3-inch one on a year-on-year basis, and increased by 66.65% for other specifications, mainly because: on the one hand, the Company, as the world&#8217;s second largest InP supplier, appropriately</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">230</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">increased the sales price given the relatively tight product supply with the increase of global demand for downstream optical chips, optical module epilayer and devices; and on the other, since March 2021, the Company has directly dealt with end customers by selling products to overseas customers through AXT-Tongmei, also leading to the rise of the price to a certain extent. The sales volume of InP substrate in 3-inch and other specifications increased by 29.63% and 24.98% respectively due to the increased demand in the downstream market. The orders from our main customers increased to varying degrees.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) GaAs substrate</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the changes in unit price, sales volume and revenue of the main specification of the GaAs substrate and other specification of the products of the Company are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 20pt;"><font style="font-size:10.5pt;">Unit: RMB0&#8217;000, 10,000 pieces and RMB/piece</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:13.75%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Specification</b></p></td><td rowspan="2" style="vertical-align:middle;width:25.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Major customers</b></p></td><td rowspan="2" style="vertical-align:middle;width:11.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:20.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:19.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:10.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.75%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:25.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;width:10.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:13.75%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6-inch</font></p></td><td rowspan="3" style="vertical-align:middle;width:25.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Osram, Sumitomo, IQE, Win Semiconductor, Visual Photonics Epitaxy</font></p></td><td style="vertical-align:middle;width:11.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,775.98</font></p></td><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-4.13%</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">13,326.54 </font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">46.48%</font></p></td><td style="vertical-align:middle;width:10.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9,097.76 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:13.75%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:25.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">18.87</font></p></td><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">40.72%</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">13.41 </font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">22.47%</font></p></td><td style="vertical-align:middle;width:10.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10.95 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:13.75%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:25.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">677.05</font></p></td><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-31.87%</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">993.78 </font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">19.61%</font></p></td><td style="vertical-align:middle;width:10.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">830.85 </font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:13.75%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other specifications</font></p></td><td rowspan="3" style="vertical-align:top;width:25.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Everbright Photonics, Epi Solution Technology Co., Ltd., Customer B, IQE, Mo Sangyo Co, Ltd.</font></p></td><td style="vertical-align:middle;width:11.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,771.48</font></p></td><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">25.08%</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10,210.26 </font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">14.85%</font></p></td><td style="vertical-align:middle;width:10.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8,889.98 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.75%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:25.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">39.51</font></p></td><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6.58%</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">37.07 </font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.37%</font></p></td><td style="vertical-align:middle;width:10.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">36.57 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.75%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:25.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.07%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">323.25</font></p></td><td style="vertical-align:middle;width:9.61%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">17.36%</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">275.43 </font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">13.30%</font></p></td><td style="vertical-align:middle;width:10.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">243.09 </font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">231</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:13.75%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Total</font></p></td><td rowspan="3" style="vertical-align:middle;width:25.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">25,547.46</font></p></td><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8.54%</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">23,536.79</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">30.85%</font></p></td><td style="vertical-align:middle;width:10.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">17,987.74</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.75%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:25.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">58.37</font></p></td><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">15.65%</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">50.47</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6.20%</font></p></td><td style="vertical-align:middle;width:10.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">47.52</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.75%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:25.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.07%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">437.68</font></p></td><td style="vertical-align:middle;width:9.61%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-6.14%</font></p></td><td style="vertical-align:middle;width:10.6%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">466.33</font></p></td><td style="vertical-align:middle;width:8.66%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">23.20%</font></p></td><td style="vertical-align:middle;width:10.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">378.50</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2020, the unit price of 6-inch GaAs substrate of the Company increased by 19.61% on a year-on-year basis, and the products in other specifications increased by 13.30%, due to the increased purchase price (increased by 12.69%) of raw materials, Gallium. The unit price of the downstream products increases as the cost of raw materials raised. The sales volume of 6-inch GaAs substrate increased by 22.47%, mainly due to the increased demand of customers and the acceptance to the products of the Company, Osram, WIN SEMICONDUCTOR CORP., Epi Solution Technology Co., Ltd. and other customers improved their purchase volume of the products in main specifications; and the sales volume of the products in other specifications were stable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2021, the unit price of 6-inch GaAs substrate of the Company reduced by 31.84% and other products in other specifications increased by 17.36%, mainly because that the 6-inch GaAs substrate is popular abroad while the 4-inch products are popular at home. According to Yole&#8217;s statistics, the shipment volume of GaAs substrate in 2021 is expected to increase by 26.98% compared with that in 2020. Given the scaling up of the market and the steady expansion of its production capacity for GaAs substrate, the Company has further strengthened its preferential efforts for the international market; In addition, under the fierce international market competition, the Company adopted a more radical market strategy for its GaAs substrates which had a lower market ranking than those of Freiberger and Sumitomo in order to explore the international market thereof, resulting in an increase by 40.72% in the sales volume of its mainstream size products. In turn, on the domestic market, the price of products increased due to the increased price of Gallium, high demand of products and others.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Germanium substrate</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">232</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the changes in unit price, sales volume and revenue of the main specification of the germanium substrate and other specification of the products of the Company are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 20pt;"><font style="font-size:10.5pt;">Unit: </font><font style="font-size:10.5pt;">RMB0&#8217;000</font><font style="font-size:10.5pt;">, 10,000 pieces and RMB/piece</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:13.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Specification</b></p></td><td rowspan="2" style="vertical-align:middle;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Major customers</b></p></td><td rowspan="2" style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:20.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:20.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:13.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4-inch</font></p></td><td rowspan="3" style="vertical-align:middle;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Nanchang Kingsoon, Zhongshan Dehua Chip Technology Co., Ltd., Customer B, OSRAM, Azur Space, Changelight</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">7,930.88</font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">32.72%</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,975.87</font></p></td><td style="vertical-align:middle;width:9.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8.50%</font></p></td><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,507.92</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:13.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">29.76</font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">41.18%</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">21.08</font></p></td><td style="vertical-align:middle;width:9.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">22.84%</font></p></td><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">17.16</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:13.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">266.49</font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-6.00%</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">283.49 </font></p></td><td style="vertical-align:middle;width:9.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-11.68%</font></p></td><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">320.97 </font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:13.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other specifications</font></p></td><td rowspan="3" style="vertical-align:middle;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Osram, Mo Sangyo Co, Ltd.</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,017.69</font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-51.07%</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,079.76</font></p></td><td style="vertical-align:middle;width:9.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">59.43%</font></p></td><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,304.48</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.34</font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-52.65%</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2.83</font></p></td><td style="vertical-align:middle;width:9.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">25.78%</font></p></td><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2.25</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">759.47</font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3.34%</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">734.90 </font></p></td><td style="vertical-align:middle;width:9.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26.76%</font></p></td><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">579.77 </font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:13.85%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Total</font></p></td><td rowspan="3" style="vertical-align:middle;width:22.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8,948.57</font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">11.08%</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8,055.63</font></p></td><td style="vertical-align:middle;width:9.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">18.25%</font></p></td><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6,812.40</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">31.10</font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">30.02%</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">23.92</font></p></td><td style="vertical-align:middle;width:9.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">23.25%</font></p></td><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">19.41</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.85%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:22.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">287.74</font></p></td><td style="vertical-align:middle;width:10.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-14.57%</font></p></td><td style="vertical-align:middle;width:10.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">336.81</font></p></td><td style="vertical-align:middle;width:9.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-4.06%</font></p></td><td style="vertical-align:middle;width:11.9%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">351.05</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Based on the specifications, the sales revenue of 4-inch germanium substrate accounts for a relatively high proportion. Among the products in other specifications, the sales revenue of 6-inch products are more than that of 2-inch and 3-inch. In respect of the germanium substrate, due to the difference of epitaxial process in difference</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">233</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">regions, most of the manufacturers abroad have their own method to process the epitaxial wafer in large size, so, among the products in other specifications, 6-inch products mostly sold overseas are most popular; and most of 4-inch products are sold domestically.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In recent years, due to the increased competition, Yunnan Lincang Xinyuan Germanium Industry Co., Ltd. and other manufacturers have laid out the production and sale of germanium substrate; meanwhile, the downstream customers have increased their orders year by year due to the rapidly increasing demand of solar photovoltaic cells, high-performance light emitting diodes and other device products in the aerospace field, all of which caused the Company to make concessions to the pricing; during the reporting period, the sales volume of 4-inch products increased fast while the unit price reduced to some degree.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For products of other specifications, the Company mainly sold them for export. Before March, 2021, the Company sold the germanium substrate overseas through AXT. In 2020, the unit price increased by 26.76% as the purchase volume of Mo Sangyo Co, Ltd. in Japan reduced from 44.73% in 2019 to 25.08% in 2020 and it always purchased the 2-inch product which has a low unit price. During the reporting period, the sales volume increased first and then reduced as the downstream customers changed their purchase volume based on the market. Among them, Osram, one of our main customers, had a large demand in 2020, but Mo Sangyo Co, Ltd. reduced its demand for such products year by year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. PBN crucible</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">PBN crucibles are mainly customized with different shape, size, performance and purpose and complex shape types, most of which are single-crystal growth crucibles, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">234</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 20pt;"><font style="font-size:10.5pt;">Unit: </font><font style="font-size:10.5pt;">RMB0&#8217;000</font><font style="font-size:10.5pt;">, 10,000 pcs, RMB/piece</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Category</b></p></td><td rowspan="2" style="vertical-align:middle;width:22.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Major customers</b></p></td><td rowspan="2" style="vertical-align:middle;width:11.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:22.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:10.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Single-crystal growth crucible</font></p></td><td rowspan="3" style="vertical-align:middle;width:22.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Sumitomo, Freiberger, Yunnan Germanium Industry, Vital Advanced Materials Co., Ltd.</font></p></td><td style="vertical-align:middle;width:11.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,027.16</font></p></td><td style="vertical-align:middle;width:10.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">14.72%</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,510.57</font></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">16.44%</font></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,014.89 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:22.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.76</font></p></td><td style="vertical-align:middle;width:10.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">38.18%</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.55</font></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.55</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:22.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,298.89 </font></p></td><td style="vertical-align:middle;width:10.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-16.98%</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6,382.85 </font></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">16.44%</font></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,481.62 </font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:14.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other crucibles</font></p></td><td rowspan="3" style="vertical-align:middle;width:22.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">ALPHA PLUS, Veeco Instruments Inc.</font></p></td><td style="vertical-align:middle;width:11.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,475.32</font></p></td><td style="vertical-align:middle;width:10.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-11.96%</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,675.68</font></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-2.25%</font></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,714.33</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:22.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.28</font></p></td><td style="vertical-align:middle;width:10.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-22.22%</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.36</font></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-7.69%</font></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.39</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:22.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,269.00</font></p></td><td style="vertical-align:middle;width:10.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">13.20%</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,654.67</font></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5.89%</font></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,395.72</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:14.19%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Total</font></p></td><td rowspan="3" style="vertical-align:middle;width:22.16%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,502.47</font></p></td><td style="vertical-align:middle;width:10.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6.10%</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,186.24</font></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9.66%</font></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,729.22 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.19%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:22.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.03</font></p></td><td style="vertical-align:middle;width:10.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">11.96%</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.92</font></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-2.62%</font></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.94</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.19%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:22.16%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.38%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,342.20</font></p></td><td style="vertical-align:middle;width:10.67%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-5.47%</font></p></td><td style="vertical-align:middle;width:10.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,651.35</font></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12.62%</font></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,018.27</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The unit price of single-crystal growth crucible was stable in 2019 and 2021, and relatively high in 2020 as Sumitomo purchased the highly customized single-crystal growth crucible mainly using LEC method with large size and high price. The sales volume of the single-crystal growth crucible was stable in 2019 and 2020, and increased by 38.18% on a year-on-year basis in 2021 as Yunnan Xinyao Semiconductor Materials Co., Ltd., Daqing Yitai Semiconductor Materials Co., Ltd. and Zhejiang Compound Semiconductor Co., Ltd. under Yunnan Lincang Xinyuan Germanium Industry Co., Ltd. raised their demand for the products as the development of their Companies.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Except for crystal growth crucibles, the overall incomes from other types of crucibles decreased slightly, mainly caused by the decline in sales due to the impact of downstream customer orders. The unit price of each such crucible was also different</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">235</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">given the complex structure and high-degree customization thereof without a unified model.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. High purity metal and compound</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The high purity metal and compound of the Company mainly include high-purity gallium, gallium oxide and other metal oxide. During the reporting period, the changes in their revenue, unit price and sales volume are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 20pt;"><font style="font-size:10.5pt;">Unit: </font><font style="font-size:10.5pt;">RMB0&#8217;000</font><font style="font-size:10.5pt;">, ton, and RMB0&#8217;000/ton</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:11.94%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Category</b></p></td><td rowspan="2" style="vertical-align:middle;width:24.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Major customers</b></p></td><td rowspan="2" style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:20.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:19.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.94%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:24.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:11.94%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">High-purity gallium</font></p></td><td rowspan="3" style="vertical-align:middle;width:24.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Wuxi Medical Instrument Factory, Yunnan Germanium Industry, Daqing Yitai Semiconductor Materials Co., Ltd.</font><font style="font-size:10.5pt;">, </font><font style="font-size:10.5pt;">Yunnan Germanium Industry, Daqing Yitai Semiconductor Materials Co., Ltd.</font></p></td><td style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,707.39</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">78.44%</font></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,638.15</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">198.69%</font></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">883.23</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.94%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:24.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">23.98</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10.61%</font></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">21.68</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">156.87%</font></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8.44</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.94%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:24.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">196.30</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">61.32%</font></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">121.69</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">16.28%</font></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">104.65</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:11.94%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Gallium oxide</font></p></td><td rowspan="3" style="vertical-align:middle;width:24.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Anhui Argosun New Electronic Materials Co., Ltd., Grirem Advanced Materials Co., Ltd., Jiangsu Bree Optronics Co., Ltd.</font></p></td><td style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">7,012.52</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">182.26%</font></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,484.42</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">70.96%</font></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,453.24</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.94%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:24.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5.73</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">67.54%</font></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3.42</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">56.16%</font></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2.19</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.94%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:24.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,223.83</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">68.47%</font></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">726.44</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9.47%</font></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">663.58</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:11.94%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other metal oxide</font></p></td><td rowspan="3" style="vertical-align:middle;width:24.64%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Yunnan Germanium Industry, Suzhou Pure Opto-Electronic Material Co., Ltd., Shanxi China Crystal Technologies Co., Ltd.</font></p></td><td style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">481.09</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26.99%</font></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">378.84</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">93.83%</font></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">195.45</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.94%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:24.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.14</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-44.39%</font></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2.05</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">93.40%</font></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.06</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.94%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:24.64%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.33%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">422.01</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">128.36%</font></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">184.80</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.22%</font></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">184.39</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">236</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:11.94%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Total</font></p></td><td rowspan="3" style="vertical-align:middle;width:24.64%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales revenue</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,201.00</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">121.78%</font></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,501.42</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">117.28%</font></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,531.92</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.94%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:24.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Sales volume</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">82.40</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">42.24%</font></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">57.93</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">84.73%</font></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">31.36</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.94%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:24.64%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.33%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Average unit price</font></p></td><td style="vertical-align:middle;width:10.76%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">148.07</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">55.91%</font></p></td><td style="vertical-align:middle;width:9.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">94.97</font></p></td><td style="vertical-align:middle;width:9.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">17.62%</font></p></td><td style="vertical-align:middle;width:11.85%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">80.74</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The products of high purity metal and compound are mainly composed of high-purity gallium and gallium oxide. During the reporting period, the revenue of the above two subdivided products account for 92.28%, 93.11% and 96.06% respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2020, the unit price of high-purity gallium and gallium oxide increased by 16.28% and 9.47% respectively since the purchase price of gallium increased by 12.69%. The sales volume of the two products in 2020 increased by 156.87% and 56.16% respectively due to the relocation of Nanjing Jinmei in 2019. Although the production capacity of that year declined, it increased gradually after the relocation with the production capacity recovered in 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2021, the unit price of high-purity gallium, and gallium oxide increased by 61.32% and 68.47% respectively as the average purchase price of gallium increased by 80.45%; meanwhile, its demand increased as the downstream compound semiconductor developed, especially gallium oxide, as the main raw material for the MO source of the production of gallium arsenide, gallium nitride and other compound semi-conductor devices, microwave devices, optical devices and photoelectric device, increased by 67.54%.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Quantitative analysis for the factors affecting the gross profit margin during the reporting period, and comparison of the gross profit margin from the main businesses between the Company and equivalents in the same industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Quantitative analysis for the factors affecting the gross profit margin during the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the gross profit margins of the Issuer were 19.43%, 25.68% and 34.53% respectively. Based on the different types of products, the factors</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">237</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">affecting the gross profit margin of the Issuer include:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:100.6%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Type of Product</b></p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Change of revenue share</b><b style="font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Change of gross profit margin</b><b style="font-weight:bold;">&#9313;</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Change of gross profit margin due to the variation of unit price </b><b style="font-weight:bold;">&#9314;</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Change of gross profit margin due to the variation of the cost per unit </b><b style="font-weight:bold;">&#9315;</b><b style="font-weight:bold;">=</b><b style="font-weight:bold;">&#9313;</b><b style="font-weight:bold;">&#65293;</b><b style="font-weight:bold;">&#9314;</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Change of exchange rate</b><b style="font-weight:bold;">&#9316;</b></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Total impact</b><b style="font-weight:bold;">&#9317;</b><b style="font-weight:bold;">=</b><b style="font-weight:bold;">&#9312;</b><b style="font-weight:bold;">+</b><b style="font-weight:bold;">&#9313;</b><b style="font-weight:bold;">+</b><b style="font-weight:bold;">&#9316;</b></p></td></tr><tr style="height:19.85pt;"><td colspan="7" style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Comparison between 2021 and 2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">InP substrate</p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4.25%</font></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6.83%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10.29%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-3.48%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1.64%</font></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9.42%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">GaAs substrate</p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.91%</font></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6.60%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.23%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6.83%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1.55%</font></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4.14%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">Germanium substrate</p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.62%</font></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1.71%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1.26%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.45%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.20%</font></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-2.53%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">PBN crucible</p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1.35%</font></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.02%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.00%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.02%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.18%</font></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1.51%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">High purity metal and compound</p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.82%</font></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.97%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4.24%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-5.21%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.01%</font></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.16%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">Other products</p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.21%</font></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.55%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1.37%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.82%</font></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.12%</font></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-0.46%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">238</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:100.6%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Sub-total of main business revenue</b></p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2.40%</b></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">10.22%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">11.67%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-1.45%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-3.69%</b></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">8.92%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Other businesses revenue</b></p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-0.40%</b></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.33%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.34%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-0.01%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">0.00%</b></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-0.07%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2.00%</b></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">10.55%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">12.01%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-1.46%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-3.69%</b></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">8.85%</b></p></td></tr><tr style="height:19.85pt;"><td colspan="7" style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Comparison of 2020 and 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;">InP substrate</p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">-0.76%</p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">-0.46%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">-1.32%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.86%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.02%</p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 7.8pt 0pt;">-1.20%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;">GaAs substrate</p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">-0.13%</p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">7.09%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">8.21%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">-1.12%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.08%</p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 7.8pt 0pt;">7.04%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;">Germanium substrate</p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">-0.19%</p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">-0.34%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">-0.51%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.17%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.04%</p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 7.8pt 0pt;">-0.49%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;">PBN crucible</p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">-0.66%</p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.49%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.51%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">-0.02%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.00%</p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 7.8pt 0pt;">-0.17%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;">High purity metal and compound</p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.42%</p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.62%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">1.27%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">-0.65%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.00%</p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 7.8pt 0pt;">1.04%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.8pt 0pt;">Other products</p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">-0.87%</p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.80%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.54%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.26%</p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">0.12%</p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 7.8pt 0pt;">0.05%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">239</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:100.6%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Sub-total of main business revenue</b></p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">-2.19%</b></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">8.20%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">8.69%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">-0.50%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">0.26%</b></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">6.27%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Other businesses revenue</b></p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">0.01%</b></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">-0.03%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">0.00%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">-0.03%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">0.00%</b></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">-0.02%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.27%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">-2.18%</b></p></td><td style="vertical-align:middle;width:15.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">8.17%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">8.69%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">-0.53%</b></p></td><td style="vertical-align:middle;width:13.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">0.26%</b></p></td><td style="vertical-align:middle;width:13.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 7.8pt 0pt;"><b style="font-weight:bold;">6.25%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">&#9312;</font><font style="font-size:10.5pt;">=(The revenue share of the year-the revenue share of last year)&#215;the gross profit margin of last year</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">&#9313;</font><font style="font-size:10.5pt;">=(The gross profit margin of the year-the gross profit margin of last year)&#215;the revenue share of t he year</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">&#9314;</font><font style="font-size:10.5pt;">=The revenue share of the year&#215;[(the unit price of the year-the impact of the fluctuation of exchange rate to the unit price-the cost of last year)/the unit price of the year-the gross profit margin of last year]</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">&#9316;</font><font style="font-size:10.5pt;">=The revenue share of the year&#215;the impact of the fluctuation of exchange rate to the unit price/the unit price of the year</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As the table shows, during the reporting period, the increased gross profit margins of the Issuer were caused by the InP and GaAs substrates, high purity metal and compound products. The detailed situations are listed as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) In 2020</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The overall gross profit margin of the Company increased by 6.25% in 2020, mainly:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Due to the impact of the downstream customers&#8217; purchase policy, Customer A, the largest customer of 3-inch InP substrate materials, had its sales volume reduced to a large degree in 2020; due to its higher requirements on product performance and parameters, its product selling price and the gross profit margin is also relatively high. The decrease in sales has lowered the overall average unit price in 2020, which has caused the gross profit margin of InP substrate to drop slightly from 40.65% to 38.64%,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">240</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">causing the gross profit to drop by 0.46%; meanwhile, due to the relatively high gross profit margin, InP substrate had a lower revenue growth rate than that of GaAs substrate products, resulting in a decline of its revenue proportion, and a decrease of its overall gross profit margin by 0.76%. In 2020, the Company&#8217;s overall gross profit margin decreased by 1.20% as a result of the InP substrate material products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) On the one hand, affected by the rising market price of downstream raw material metal gallium, and the increase in the proportion of sales of large-scale products, the average sales unit price of GaAs substrate materials rose from RMB378.50/piece to RMB466.33/piece; and on the other, due to the improvement of personnel proficiency with completion of the relocation in Chaoyang, Liaoning and Baoding, Hebei, and the relatively low labor cost and fuel cost, the overall gross profit margin of GaAs substrate increased by 17.78%, driving an increase of the Company&#8217;s overall gross profit margin by 7.04%; meanwhile, the average sales unit price, revenue share and gross profit margin of high purity metal and compound also increased with the increase in the market price of gallium, resulting in an overall gross profit margin increase of 1.04%.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) In 2021</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The overall gross profit margin of the Company increased by 8.85% in 2021, mainly because:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) On the one hand, the Company, as the world&#8217;s second largest InP supplier, appropriately increased the sales price given the relatively tight product supply with the increase of global demand for downstream optical chips, optical module epilayer and devices; and on the other, since March 2021, the Company has directly dealt with end customers by selling products to overseas customers through AXT-Tongmei, also leading to the rise of the price to a certain extent, which made the average unit price of InP substrate increased to a large degree and the gross profit margin increased from 38.64% to 54.42%, driving the gross profit margin to be increased by 6.83%. Besides, as the gross profit margin of InP substrate increased, the revenue share of InP substrate increased significantly with the increasing of the gross profit margin due to the unit price, making the overall gross profit margin improve by 4.25%. Therefore, InP substrate products drove the overall gross profit margin increased by 9.42% in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">241</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) First, with the operation of factories in Baoding and Chaoyang, the order quantity of GaAs substrate increased as well as its production efficiency and scale; second, the labor costs, gas power costs and other prices in Baoding and Chaoyang were relatively lower compared with Beijing, and the operating rate increased, further reducing the comprehensive cost; third, in terms of product structure, in 2021, the proportion of the Company&#8217;s revenue from 3-inch GaAs substrate materials, which had a relatively high gross profit margin, increased by 6.31% year on year; additionally, while some GaAs production lines in Beijing Tongmei in 2020 being allocated the fixed costs of the Beijing plant, the GaAs substrates was no longer subject to such allocation in 2021, further increasing the gross profit margin of GaAs substrate to 25.59%; in 2021, GaAs substrate products boosted the Company&#8217;s overall gross profit margin by 4.14%.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Besides, in terms of products, the fluctuation of the gross profit margin and the revenue share of germanium substrate and PBN crucible also affected the overall gross profit margin of the Company; in terms of indicators, the fluctuation of exchange rate impacted the gross profit margin as well.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2 Comparison of the gross profit margin from the main businesses between the Company and equivalents in the same industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The comparison of the gross profit margin from the main businesses between the Company and equivalents in the same industry during the reporting period are as below:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:41.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.62%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:20pt;"><td style="vertical-align:middle;width:41.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company Name</b></p></td><td style="vertical-align:middle;width:19.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:19.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:20pt;"><td style="vertical-align:middle;width:41.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SICC</font></p></td><td style="vertical-align:middle;width:19.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">32.83%</font></p></td><td style="vertical-align:middle;width:19.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">34.94%</font></p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26.62%</font></p></td></tr><tr style="height:20pt;"><td style="vertical-align:middle;width:41.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">NSIG</font></p></td><td style="vertical-align:middle;width:19.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:19.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12.09%</font></p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">13.82%</font></p></td></tr><tr style="height:20pt;"><td style="vertical-align:middle;width:41.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Average</b></p></td><td style="vertical-align:middle;width:19.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">32.83%</b></p></td><td style="vertical-align:middle;width:19.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">23.52%</b></p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">20.22%</b></p></td></tr><tr style="height:20pt;"><td style="vertical-align:middle;width:41.1%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Issuer (semiconductor substrate)</b></p></td><td style="vertical-align:middle;width:19.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">34.93%</b></p></td><td style="vertical-align:middle;width:19.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">19.05%</b></p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">11.80%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: The data on SICC and NSIG are sourced from their annual reports and prospectuses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2020, the gross profit margin of semiconductor substrate increased from 11.80% to 19.05%, consistent with the gross profit margin of SICC. The gross profit margin of NSIG decreased slightly in 2020, mainly because: the semiconductor silicon wafers in the size of 200mm or less are maturing products and NSIG has formed a scale effect;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">242</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">and at the same time, its fixed cost has increased significantly given the increase in the production capacity for 300mm semiconductor silicon substrates. In 2021, the gross profit margin of the Company&#8217;s semiconductor substrate products was close to that of SICC&#8217;s primary business.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The reason for the continuously decreased gross profit margin of gallium arsenide and germanium substrate during the reporting period.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. GaAs substrate</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the gross profit margin of GaAs substrate were -9.13%, 8.65%, and 25.59% respectively, showing a year-on-year growth.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The gross profit margin of GaAs substrate in 2019 was relatively low. As for the reason, the production line of GaAs substrate was relocated from Beijing to Chaoyang, Liaoning and Baoding, Hebei and recruited new production staffs, during when, the raw materials wasted a lot and the yield of GaAs substrate was low due to the commissioning of the production line and the technically rusty employees. All such factors raised the business cost of the Company. In 2020, the production efficiency was enhanced with the improved working proficiency of employees and the optimized machines and equipment. Moreover, with the increased price of gallium, the price of products also increased. Meanwhile, the increased sales volume of large size products drove the rising of the unit price of GaAs substrate. As a result, the gross profit margin of GaAs substrate improved in 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2021, the gross profit margin of GaAs substrate increased a lot. As for the reason, first, the production efficiency and scale effect further improved as the orders to the factories in Baoding, Hebei and Chaoyang, Liaoning increased; second, the labor costs, gas power costs and other prices in Baoding and Chaoyang were relatively lower compared with Beijing, and the operating rate increased, further reducing the comprehensive cost; third, in terms of product structure, in 2021, the proportion of the Company&#8217;s revenue from 3-inch GaAs substrate materials, which had a relatively high gross profit margin, increased by 6.31% year on year; a</font><font style="font-size:12pt;">dditionally, </font><font style="font-size:12pt;">while some GaAs production lines in Beijing Tongmei in 2020 being allocated the fixed costs of the Beijing plant, the GaAs substrates was no longer subject to such allocation in 2021,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">243</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">which</font><font style="font-size:12pt;"> is also an associated reason.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Germanium substrate</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the gross profit margin of germanium substrate was 20.60%, 18.44% and 0.21% respectively. The continuous decline in gross profit margin was mainly affected by the continuous decline in the average unit price. During the reporting period, the average unit price of germanium substrate was RMB351.05/piece, RMB336.81/piece and RMB287.74/piece respectively. Thereinto, the gross profit margin of germanium substrate decreased by 2.16% in 2020 since the unit price decreased by 4.06%. In recent years, as Yunnan Lincang Xinyuan Germanium Industry Co., Ltd. and other manufacturers have laid out the production and sale of germanium substrate, the domestic competition are intensified; meanwhile, the downstream customers have increased their orders year by year due to the rapidly rising demand of solar photovoltaic cells, high-performance light emitting diodes and other device products in the aerospace field, all of which caused the Company to make concessions to the pricing to some degree.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The gross profit margin in 2021 is 18.23% lower than that in 2020 as the average unit price decreased by 14.57%. Due to the difference of epitaxial process in difference regions, most of the manufacturers abroad have their own method to process the large-size epitaxial wafer. Therefore, products with other specifications are mainly 6-inch products and mainly exported; while most of 4-inch products were sold domestically. In 2021, due to the impact of the domestic and overseas market, the sales volume of 4-inch products continuously increased by 40.84%, while that of 6-inch products decreased by 54.42%; at the same time, affected by the fierce competition pattern in China, the unit price of mainstream 4-inch products, which had a revenue accounting for about 80% and a price being significantly different from that of 6-inch products, continued to decline by 6.00%, resulting in a significant decrease in the comprehensive average unit price.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition, according to the 2021 annual report disclosed by Yunnan Germanium Industry, in 2021, its sales unit price of germanium substrate products decreased by 27.27% to RMB283.70/piece from RMB390.06/piece in 2020, which is consistent with</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">244</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">the downward trend of the Company&#8217;s sales price.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q12. Inventory</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus, 1) at the end of each period of the reporting period, the book balance of the Issuer&#8217;s inventories was respectively RMB278,036,100, RMB269,292,100, RMB299,198,000 and RMB347,436,600; 2) the proportion of the inventory depreciation reserve to the inventory book balance was respectively 3.49%, 8.76%, 4.87% and 4.92%.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the reason for any change to the inventory composition of the Company at the end of each period of the reporting period; (2) the matching between the inventory balance and the orders on hand, as well as the sales and carry-over after the inventory balance period during the reporting period; (3) the method and basis for determining the net realizable value of inventories, provision for depreciation of inventories of different ages, and whether the provision for inventory depreciation is adequate.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to explain: information about the supervision of the Issuer&#8217;s inventory counts at the end of each period of the reporting period, and explicit opinions on the authenticity of the inventories and the adequacy of the provision for depreciation.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-size:12pt;font-weight:bold;">I.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-size:12pt;font-weight:bold;">Explanation from the Issuer</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:48pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">(I)</b></font><b style="font-size:12pt;font-weight:bold;">Reason for any change to the inventory composition of the Company at the end of each period of the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The specific composition of the Company&#8217;s inventories at the end of each period of the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 12pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">245</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type</b></p></td><td colspan="2" style="vertical-align:middle;width:28.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2021</b></p></td><td colspan="2" style="vertical-align:middle;width:28.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2020</b></p></td><td colspan="2" style="vertical-align:middle;width:28.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Book Balance</b></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Book Balance</b></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Book Balance</b></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Raw materials</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6,655.61</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">16.60%</font></p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10,101.50</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">33.76%</font></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,241.07</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">15.76%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Semi-finished products</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,052.81</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">30.05%</font></p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8,746.95</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">29.23%</font></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">11,093.40</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">41.19%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Work-in-process</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,763.01</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">31.83%</font></p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">7,435.33</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">24.85%</font></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">7,689.58</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">28.55%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Goods in stock</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6,621.49</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">16.51%</font></p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,558.02</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">11.89%</font></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,905.15</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">14.50%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Goods upon delivery</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,010.52</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5.01%</font></p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">78.00</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.26%</font></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.12%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">40,103.45</b></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">29,919.80</b></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">26,929.21</b></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company&#8217;s inventories are mainly gallium arsenide, indium phosphide, germanium substrates and other inventory commodities, as well as unprocessed and uncut crystal bars and various raw materials. At the end of each period of the reporting period, the book balance of the Company&#8217;s inventories was respectively RMB269,292,100, RMB299,198,000 and RMB401,034,500 respectively; during the reporting period, the Company realized revenues of RMB462,226,800, RMB583,170,400 and RMB857,345,200 respectively. On the whole, the inventory balance increased with the revenues, with a consistent fluctuation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In terms of inventory composition, at the end of each period of the reporting period, the proportion of various types of inventories has changed. The specific reasons are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Raw materials</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the Company&#8217;s book balance of raw materials was RMB42,410,700, RMB101,015,000 and RMB66,556,100 respectively, accounting for 15.76%, 33.76% and 16.60% respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">246</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of 2019 and at the end of 2021, the proportion of raw materials was relatively stable, while that at the end of 2020 was higher. The main reasons are as follows: (1) The Company&#8217;s production base in Chaoyang was gradually completed in 2020, the production line has been launched for commissioning, and the Company has increased the procurement of raw materials as needed for the new capacity. (2) With the increasing market demand for various products, the Company obtained more orders at the end of 2020. (3) With the rising price of metal gallium, the Company expects a continued upward trend. Thus, in the second half of 2020, the Company increased the purchase of metal gallium appropriately. (4) As the germanium ingot market was affected by the short supply of upstream raw materials, the market supply of germanium was in a short state, and the Company increased the purchase of germanium ingots.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Changes in semi-finished products</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the balance of semi-finished products of the Company was RMB110,934,000, RMB87,469,500 and RMB120,528,100 respectively, accounting for 41.19%, 29.23% and 30.05% respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The proportion of semi-finished products at the end of 2020 and 2021 was relatively stable. At the end of 2019, the proportion of semi-finished products was relatively high, mainly because of the relocation of gallium arsenide crystal production, gallium arsenide chip production and high-purity material production from Beijing Tongmei and Nanjing Jinmei to Chaoyang Tongmei, Baoding Tongmei and Chaoyang Jinmei; meanwhile, in the second half of 2018, Beijing Boyu was notified that its leased plant would be expropriated, so that it would relocate its production equipment successively to Chaoyang Boyu and other plants in 2019. Affected by the expected relocation, the Company reserved a large quantity of semi-finished products at the end of 2018. However, due to the inadequate operation rate due to the relocation in 2019, some semi-finished products were not claimed in time.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. Changes in work-in-process</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">247</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the Company&#8217;s balance of work-in-process was RMB76,895,800, RMB74,353,300, and RMB127,630,100 respectively, accounting for 28.55%, 24.85% and 31.83% respectively, and the proportions fluctuated.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In terms of balance, at the end of 2020, the Company&#8217;s work-in-process remained relatively stable, while the proportion decreased slightly compared with that at the end of 2019, mainly due to the reserve of more raw materials pending use at the end of the year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of 2021, the proportion increased significantly due to the following reasons: (1) after the Company completed the relocation, the production line in Chaoyang was completed in 2020 and 2021, which continued to release capacity; (2) affected by the rapid increase in the demand of the downstream application market, in 2021, the sales of various major products of the Company all showed a certain increase, further improving the Company&#8217;s operating rate. Due to all of the foregoing reasons, the amount and proportion of work-in-process increased rapidly at the end of 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">4. Changes in goods in stock</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the balance of Company&#8217;s goods in stock was RMB39,051,500, RMB35,580,200, and RMB66,214,900 respectively, accounting for 14.50%, 11.89%, and 16.51% respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of 2020, the balance and proportion of the Company&#8217;s goods in stock decreased slightly, mainly because of: (1) The market demand for high-purity gallium increased significantly in 2020, and the sales revenues in 2020 increased by 198.70% compared with that in 2019, resulting in a significant increase in shipment. (2) The Company reserved a large quantity of raw materials at the end of 2020, resulting in a decline in the proportion of goods in stock.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of 2021, the balance and proportion of the Company&#8217;s goods in stock increased significantly, mainly because of: Affected by the rapid increase in the demand of the downstream application market, the sales of various main products of the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">248</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Company in 2021 showed a certain increase. Meanwhile, the number of the Company&#8217;s orders on hand increased rapidly; as a result, for timely delivery to downstream customers, the Company accelerated the production schedule on the basis of an increased production capacity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">5. Changes in goods upon delivery</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the ending balance of goods upon delivery by the Company was 0, RMB780,000 and RMB20,105,200 respectively, accounting for 0, 0.26% and 5.01% respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of 2021, the quantity of goods upon delivery increased rapidly. The reason was that after the Company completed the switch in March 2021, some new consignment customers were newly added, resulting in an increase in the balance of overseas consignment inventory.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:48pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">(II)</b></font><b style="font-size:12pt;font-weight:bold;">At the end of each period of the reporting period, the matching between the Company&#8217;s inventory balance and the orders on hand, as well as the sales and carry-over after the inventory balance period during the reporting period:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.9pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">1.</b></font><b style="font-size:12pt;font-weight:bold;">Matching between the Company&#8217;s inventory balance and the orders on hand</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Matching between the Company&#8217;s inventory balance and the orders on hand during each period of the reporting period</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:34.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2021</b></p></td><td style="vertical-align:middle;width:21.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2020</b></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:34.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Inventory balance</font></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">40,103.45</font></p></td><td style="vertical-align:middle;width:21.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">29,919.80</font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26,929.21</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:34.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Balance of goods in stock</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">goods upon delivery</font></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8,632.01</font></p></td><td style="vertical-align:middle;width:21.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,636.02</font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,905.15</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:34.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Amount of orders on hand at the end of the period</font></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">39,054.58 </font></p></td><td style="vertical-align:middle;width:21.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26,583.45 </font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">19,577.56 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:34.27%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Inventory coverage for orders on hand</b></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">97.39%</b></p></td><td style="vertical-align:middle;width:21.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">88.85%</b></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">72.70%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">249</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:top;width:34.27%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Finished products coverage for orders on hand</b></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">452.44%</b></p></td><td style="vertical-align:middle;width:21.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">731.11%</b></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">501.33%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the inventory coverage for orders on hand of the Company was 72.70%, 88.85% and 97.39% respectively, showing a rapid increase on a year-on-year basis, which was close to 100% at the end of the reporting period. The finished products coverage for orders on hand was 501.33%, 731.11% and 452.44% respectively, representing a full coverage of finished products of the Company. In recent years, due to the rapid development of downstream sectors and the continuous expansion of product application fields, the demand for various products of the Company has increased, and the orders on hand and the ending balance of inventory have also increased rapidly. Generally speaking, the coverage of the amount of orders on hand to the inventory balance is relatively high, and the ending balance of inventory basically matches the orders on hand.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.9pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">2.</b></font><b style="font-size:12pt;font-weight:bold;">Post-period sales and carry-over of inventory balance during the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of February 28, 2022, the Issuer&#8217;s subsequent carry-over of inventory at the end of each period of the reporting period was as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:16.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Dec. 31, 2021</b></p></td><td style="vertical-align:middle;width:25.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Dec. 31, 2020</b></p></td><td style="vertical-align:middle;width:21.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Dec. 31, 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Inventory book balance</font></p></td><td style="vertical-align:middle;width:16.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">40,103.45</font></p></td><td style="vertical-align:middle;width:25.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">29,919.80</font></p></td><td style="vertical-align:middle;width:21.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26,929.21</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Subsequent carry-over amount</font></p></td><td style="vertical-align:middle;width:16.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26,319.26</font></p></td><td style="vertical-align:middle;width:25.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">27,955.94</font></p></td><td style="vertical-align:middle;width:21.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">25,867.22</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.23%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Subsequent carry-over rate</b></p></td><td style="vertical-align:middle;width:16.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">65.63%</b></p></td><td style="vertical-align:middle;width:25.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">93.44%</b></p></td><td style="vertical-align:middle;width:21.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">96.06%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the above table, as of February 28, 2022, the Issuer&#8217;s subsequent inventory carry-over rate at the end of each period of the reporting period was 96.06%, 93.44% and 65.63% respectively, the subsequent carry-over being in a good condition.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:48pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">(III)</b></font><b style="font-size:12pt;font-weight:bold;">Method and basis for determining the net realizable value of inventory, the provision for declining prices of inventory of different storage ages, and whether the provision for declining prices of inventory is adequate.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">250</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.9pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">1.</b></font><b style="font-size:12pt;font-weight:bold;">Method and basis for determining the net realizable value of inventory</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer measures the carrying amount of inventories at the cost or the net realizable value on the balance sheet date, whichever is lower. If the cost of inventory is higher than its net realizable value, the provision for inventory depreciation is made. For inventories held for the performance of sales contracts, the net realizable value of inventories is calculated based on the contract prices, and for other general products, it is calculated based on the prices of the same or similar products sold recently. Meanwhile, based on the principle of prudence, for auxiliary materials of more than 1 year, the Company makes a full provision for inventory depreciation; for separately identified deteriorated, damaged or unusable inventories, the provision is separately made.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For finished products directly used for sale, the net realizable value is determined by the estimated selling price of the inventory less the estimated selling expenses and relevant taxes; for materials held for production, etc., where the net realizable value of the finished products produced from such materials is higher than the cost, the materials should still be measured at the cost; if the decline in the price of the materials indicates that the net realizable value of the finished products is lower than the cost, the materials should be measured at the net realizable value.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.9pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">2.</b></font><b style="font-size:12pt;font-weight:bold;">Provision for declining prices of inventory of different storage ages, and whether the provision for declining prices of inventory is adequate</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The provision for declining prices of inventory of different storage ages at the end of each period of the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:16.3pt;"><td rowspan="2" style="vertical-align:middle;width:6.86%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Item</b></p></td><td colspan="3" style="vertical-align:middle;width:31.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">December 31, 2021</b></p></td><td colspan="3" style="vertical-align:middle;width:31.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">December 31, 2020</b></p></td><td colspan="3" style="vertical-align:middle;width:31.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:16.3pt;"><td style="display:none;vertical-align:middle;width:6.86%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Balance</b></p></td><td style="vertical-align:middle;width:11.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Depreciation Reserve</b></p></td><td style="vertical-align:middle;width:10.31%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Provision Proportion</b></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Balance</b></p></td><td style="vertical-align:middle;width:11.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Depreciation Reserve</b></p></td><td style="vertical-align:middle;width:10.31%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Provision Proportion</b></p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Balance</b></p></td><td style="vertical-align:middle;width:11.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Depreciation Reserve</b></p></td><td style="vertical-align:middle;width:10.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Provision Proportion</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">251</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:6.87%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.06%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.32%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.32%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.27%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:16.3pt;"><td style="vertical-align:top;width:6.87%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Within 1 year</p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">37,614.00</font></p></td><td style="vertical-align:middle;width:11.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">346.23</font></p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">0.92%</font></p></td><td style="vertical-align:middle;width:9.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">28,048.20</p></td><td style="vertical-align:middle;width:11.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">187.47</font></p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">0.67%</font></p></td><td style="vertical-align:middle;width:9.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">24,401.54</p></td><td style="vertical-align:middle;width:11.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">752.82</p></td><td style="vertical-align:middle;width:10.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">3.09%</font></p></td></tr><tr style="height:16.3pt;"><td style="vertical-align:top;width:6.87%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Over 1 year</p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,489.45</font></p></td><td style="vertical-align:middle;width:11.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,375.43</font></p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">55.25%</font></p></td><td style="vertical-align:middle;width:9.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1,871.60</p></td><td style="vertical-align:middle;width:11.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,268.34</font></p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">67.77%</font></p></td><td style="vertical-align:middle;width:9.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">2,527.67</p></td><td style="vertical-align:middle;width:11.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1,606.86</p></td><td style="vertical-align:middle;width:10.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">63.57%</font></p></td></tr><tr style="height:16.3pt;"><td style="vertical-align:top;width:6.87%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Total</p></td><td style="vertical-align:middle;width:9.06%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">40,103.45</b></p></td><td style="vertical-align:middle;width:11.67%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">1,721.66</b></p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">4.29%</b></p></td><td style="vertical-align:middle;width:9.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">29,919.80</b></p></td><td style="vertical-align:middle;width:11.67%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">1,455.81</b></p></td><td style="vertical-align:middle;width:10.32%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">4.87%</b></p></td><td style="vertical-align:middle;width:9.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">26,929.21</b></p></td><td style="vertical-align:middle;width:11.67%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">2,359.68</b></p></td><td style="vertical-align:middle;width:10.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">8.76%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each reporting period, the Issuer&#8217;s inventories mainly had an age of within one year, accounting for a relatively high proportion of 90.61%, 93.74% and 93.79% respectively. The provisions for decline in value of inventories were made focusing on those aged over one year, of which, the Company has made full provisions for the auxiliary materials aged over 1 year for the sake of prudence, and also made provisions for some semi-finished products and finished products due to changes in customer demand and other reasons.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Issuer&#8217;s products are customer-oriented, with customized products accounting for a high proportion. At the end of each period of the reporting period, the Issuer had a relatively adequate inventory coverage of orders on hand; the inventory balance within one year accounted for a relatively high proportion; and the subsequent carry-over of inventory was in a good condition. Besides, a comparison of the ratio of provision for decline in value of inventory between the Company and comparable listed companies in the same industry is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.7%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2021</b></p></td><td style="vertical-align:middle;width:24.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2020</b></p></td><td style="vertical-align:middle;width:24.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.7%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">SICC</font></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.48%</font></p></td><td style="vertical-align:middle;width:24.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.43%</font></p></td><td style="vertical-align:middle;width:24.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.58%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.7%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">NSIG</font></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:24.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9.47%</font></p></td><td style="vertical-align:middle;width:24.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3.96%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.7%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Average</font></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1.48%</b></p></td><td style="vertical-align:middle;width:24.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">4.95%</b></p></td><td style="vertical-align:middle;width:24.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2.27%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.7%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Issuer</b></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">4.29%</b></p></td><td style="vertical-align:middle;width:24.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">4.87%</b></p></td><td style="vertical-align:middle;width:24.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">8.76%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: The data on SICC and NSIG are sourced from their annual reports and prospectuses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The proportion of the Company&#8217;s provision for decline in value of inventory is generally higher than the average level of comparable companies in the same industry, mainly due to the relatively low proportion of SICC. At the end of 2020, the proportion</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">252</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">of the Company&#8217;s provision for decline in value of inventory was lower than that of NSIG, mainly because the production of epilayers in 300mm wafers was still in the ramp-up stage with continuous product certification, the process and quality needed to be improved, and the production cost was higher than their market price.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the Issuer&#8217;s provision for inventory depreciation is adequate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:47.9pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">II.</b></font><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to explain: information about the supervision of the Issuer&#8217;s inventory counts at the end of each period of the reporting period, and explicit opinions on the authenticity of the inventories and the adequacy of the provision for depreciation.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:48pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">(I)</b></font><b style="font-size:12pt;font-weight:bold;">Information about the supervision of the Issuer&#8217;s inventory counts</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company carried out inventory counts for the whole year of 2020, half year of 2021 and whole year of 2021 on January 1-3, 2021, June 29-July 2, 2021 and December 25-31, 2021. The scope of inventory included raw materials, work-in-progress, semi-finished products and goods in stock. The Sponsor and the Reporting Accountant supervised the inventory counts throughout the process. The specific supervision procedures are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 21pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.7pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font><font style="font-size:12pt;">Understand, test and evaluate internal controls related to inventory management;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 21pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.7pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font><font style="font-size:12pt;">Obtain the Issuer&#8217;s inventory count plan for the whole year of 2020, half year of 2021 and whole year of 2021, understand the storage location and inventory status, and formulate a supervision plan; implement the supervision procedures according to the supervision plan;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 21pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.7pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">3.</font></font><font style="font-size:12pt;">Observe the inventory distribution in the warehouse, observe the inventory count process of the inventory personnel, check whether it is carried out according to the inventory plan, and accurately record the inventory balance and status; During the inventory count process, focus on whether there is any difference in the inventory balance and whether the inventory is destroyed or damaged;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">253</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 21pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.7pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">4.</font></font><font style="font-size:12pt;">Take some types of inventories and check them with the inventory personnel; select part of the inventory in the inventory statement and trace it to the physical objects, to verify the existence of the inventory, and select physical objects for checking with the inventory statement, to verify the integrity of the inventory;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 21pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.7pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">5.</font></font><font style="font-size:12pt;">After the inventory count is over, all the personnel involved in the inventory count shall sign on the inventory record for confirmation. The Finance Department shall track and deal with any problems or differences found in the inventory count.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 20pt;"><font style="font-size:12pt;">Information about the supervision carried out by the Sponsor and the Reporting Accountant is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.06%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Time</b></p></td><td style="vertical-align:middle;width:25.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Inventory Amount</b></p></td><td style="vertical-align:middle;width:25.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Original Cost of Inventory</b></p></td><td style="vertical-align:middle;width:25.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Inventory Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.06%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">End of 2021</font></p></td><td style="vertical-align:middle;width:25.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">28,073.61</font></p></td><td style="vertical-align:middle;width:25.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">40,103.45</font></p></td><td style="vertical-align:middle;width:25.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">70.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.06%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">End of June 2021</font></p></td><td style="vertical-align:middle;width:25.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">28,471.64</font></p></td><td style="vertical-align:middle;width:25.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">34,743.66</font></p></td><td style="vertical-align:middle;width:25.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">81.95%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.06%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">End of 2020</font></p></td><td style="vertical-align:middle;width:25.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">24,325.62</font></p></td><td style="vertical-align:middle;width:25.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">29,919.80</font></p></td><td style="vertical-align:middle;width:25.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">81.30%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:48pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">(II)</b></font><b style="font-size:12pt;font-weight:bold;">Verification procedures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition to the foregoing, the Reporting Accountant has performed the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:39.8pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font><font style="font-size:12pt;">Understand the Issuer&#8217;s inventory depreciation policy, evaluate whether the inventory depreciation policy is reasonable based on the Issuer&#8217;s main product warranty policy, and check whether these accounting policies are consistently implemented during each accounting period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:39.8pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font><font style="font-size:12pt;">Pay attention to unsalable, obsolete or damaged goods in stock during the inventory supervision process, and specific to such goods in stock, conduct a comparison between the relevant inventory list and the inventory depreciation reserve calculation table prepared by the management;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:39.8pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">3.</font></font><font style="font-size:12pt;">Select samples and check the accuracy of the inventory age table prepared</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">254</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">by the management; understand the reason for the long inventory age; select samples of finished products, and check the prices used in the net realizable value calculation table for inventories with the latest sales prices of the finished products; select samples of raw materials and semi-finished products, review the estimated selling prices of inventories calculated by the Issuer, less the estimated cost to be incurred at the time of completion, estimated selling expenses and the net realizable value less relevant taxes, and check the accuracy of the calculation conducted by the management.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:48pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">(III)</b></font><b style="font-size:12pt;font-weight:bold;">Verification opinion</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon verification, the Sponsor and the Reporting Accountant believe that: At the end of each period of the reporting period, the Issuer&#8217;s inventories are true and accurate in all material respects and the provision for decline in value of inventories was adequately made.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q13. Accounts Receivable</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions: 1) Within the reporting period, the balance of accounts receivable of the Issuer showed an increasing trend as a whole, with the ending balance of RMB203,113,900; 2) At the end of the reporting period, the carrying amount of the Issuer&#8217;s bills receivable (including accounts receivable financing) was RMB71,647,200, and the balance of other receivables was RMB4,766,600.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) reasons for the rapid growth of bills receivable, accounts receivable and receivables financing within the reporting period, and credit policies for major customers and whether there is sales stimulation through more flexible credit policies; (2) major customers for bills receivable and receivables financing, endorsement, discount and derecognition and whether relevant accounting treatment complies with the Accounting Standard for Business Enterprises; (3) whether there are any bills receivable transferred to accounts receivable within the reporting period, if so, explain</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">255</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">related facts and reasons, and whether the aging is continuously calculated; (4) the guarantee deposits and other specific items of other receivables match the amount of related items and therefore it is reasonable; (5) the payments and overdue payments of accounts receivable after due date at the end of each period of the reporting period, and whether no provision for bad debts for AXT and Customer B is in compliance and the provision for bad debts is sufficient in 2018, and differences compared with comparable companies in the same industry and relevant reasons.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to check the above matters and give explicit comments.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanation from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Reasons for the rapid growth of bills receivable, accounts receivable and receivables financing within the reporting period, and credit policies for major customers and whether there is sales stimulation through more flexible credit policies;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Reasons for the rapid growth of bills receivable, accounts receivable and receivables financing within the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, bills receivable, accounts receivable and the balance of financing of accounts receivable are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021 </b></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020 </b></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019 </b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Book balance of accounts receivable</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">22,195.99</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">15,376.06</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">13,113.26</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Book balance of bills receivable</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">1,489.15</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">2,201.73</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">1,834.52</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Book balance of financing of accounts receivable</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">6,188.39</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">2,985.42</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">1,522.26</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Total book balance of accounts receivable</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">29,873.53</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">20,563.21</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">16,470.04</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Revenue</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">85,734.52</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">58,317.04</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">46,222.68</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">256</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Proportion of book balance of accounts receivable to revenue</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">34.84%</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">35.26%</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">35.63%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Turnover days of accounts receivable</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">107.36</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">115.89</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">146.17</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Within the reporting period, the Issuer&#8217;s balance of accounts receivable increased year by year with the increase of its sales revenue, accounting for 35.63%, 35.26% and 34.83% of the current revenue respectively, representing a slight decline year by year. The turnover days of accounts receivable were 146.17days, 115.89 days and 107.36 days respectively, which are gradually shortened, showing that accounts receivable is well handled.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the increase of accounts receivable balance is mainly due to increase of the Issuer&#8217;s operating income, and the ending balance of accounts receivable matches its sales scale and therefore it is reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Credit policies for major customers and whether there is sales stimulation through more flexible credit policies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 0pt 20pt;"><font style="font-size:12pt;">During the reporting period, the changes in credit policies of the Company for its major customers are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:9.02%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25.79%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:52.03%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.13%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.02%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">S/N</b></p></td><td style="vertical-align:middle;width:25.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Names of major customers</b></p></td><td style="vertical-align:middle;width:52.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Credit policies</b></p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Any changes within the reporting period?</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.02%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:25.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:52.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Payment shall be made within 90 days after passing inspection of incoming merchandise.</font></p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.02%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:25.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Osram</font></p></td><td style="vertical-align:middle;width:52.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">From 2019 to February 2021: Payment shall be made within 90 days after passing inspection of incoming merchandise, with the payment date falling on the 5</font><sup style="font-size:7.87pt;vertical-align:top;">th</sup><font style="font-size:10.5pt;"> day of each month.</font></p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">257</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:52.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">From March 2021: Payment shall be made within 105 days after passing inspection of incoming merchandise, with the payment date falling on the 5</font><sup style="font-size:7.87pt;vertical-align:top;">th</sup><font style="font-size:10.5pt;"> day of each month.</font></p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:22.1pt;"><td rowspan="2" style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td rowspan="2" style="vertical-align:middle;width:25.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Landmark Optoelectronics</font></p></td><td style="vertical-align:middle;width:52.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">From 2019 to 2020: Payment shall be made within 20 days after passing inspection of incoming merchandise, with the payment date falling on the 25<sup style="font-size:7.5pt;vertical-align:top;">th</sup> day of each month.</p></td><td rowspan="2" style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr><tr style="height:22.1pt;"><td style="display:none;vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:25.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:52.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">2021: Payment will be made within 60 days after passing inspection of incoming merchandise, with the payment date falling on the 20<sup style="font-size:7.5pt;vertical-align:top;">th</sup> day of each month.</p></td><td style="display:none;vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:22.1pt;"><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:25.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> </font><font style="font-size:10.5pt;">Mo Sangyo Co, Ltd.</font></p></td><td style="vertical-align:middle;width:52.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">Payment shall be made on a monthly basis, with 90 days credit</p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:22.1pt;"><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:25.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Kingsoon</font></p></td><td style="vertical-align:middle;width:52.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">After receiving the incoming merchandise, the buyer shall pay to Party A within 30 days.</p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:25.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Customer B</font></p></td><td style="vertical-align:middle;width:52.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">After the incoming merchandise are accepted by the buyer, the seller shall issue an invoice to the buyer at the agreed tax rate. After receiving the invoice, Party A shall go through the financial reimbursement procedures and make payments by electronic draft according to relevant regulations of Party A&#8217;s fund management.</font></p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;width:25.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Epi Solution Technology Co., Ltd.</font></p></td><td style="vertical-align:middle;width:52.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">After receiving the incoming merchandise, the buyer shall pay to Party A within 30 days.</font></p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.01%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:25.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">LOUWERSHANIQUE</font></p></td><td style="vertical-align:middle;width:52.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Payment shall be made within 30 days after passing inspection of incoming merchandise.</font></p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">258</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:9.02%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25.79%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:52.03%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.13%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.02%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:25.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Customer A</font></p></td><td style="vertical-align:middle;width:52.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Within 30 days after the &#8220;products&#8221; or &#8220;services&#8221; delivered by the seller passing the buyer&#39;s inspection, the buyer shall pay the invoice amount on the first &#8220;centralized payment date&#8221;. For each day of delay in payment from the first &#8220;centralized payment date&#8221;, the buyer shall pay liquidated damages at the rate of 0.04% of the payable amount, which shall not exceed the total amount owed.</font></p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.02%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:25.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">ALPHA PLUS</font></p></td><td style="vertical-align:middle;width:52.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Payment will be made within 30 days after delivery and within 15 days after receipt of the incoming merchandise.</font></p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the characteristics of the industry and combined with its own production and operation conditions, the Issuer has formulated a more prudent credit policy for different types of customers: for new customers, advance payment is adopted; for regular customers, the credit policies are developed by taking into full account the basic situation, business scale, cooperation time, amount of orders and contracts, financial status, payment and payment, etc. of the customer. The credit period is normally 1-3 months. In addition, the Issuer conducted business negotiations with customers to slightly adjust the credit policies taking into account the product production, technical requirements, and cooperation relationship with customers. Within the reporting period, except for Osram and Landmark Optoelectronics, the Issuer&#8217;s credit policies for major customers remain unchanged.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After penetrating into AXT, Osram and Landmark Optoelectronics were among Issuer&#8217;s top five customers within the reporting period, and they have been working together for many years. Within the cooperation period, they have been maintaining good relations. As well-known enterprises in the industry, Osram and Landmark Optoelectronics have sound credit history, with timely payments since the very beginning of their cooperation. In March 2021, the Issuer exchanged business with AXT, aiming to enhance customer cooperation and give the customer certain buffer time in handling matters such as contract management and fund audit, so as to ensure that the business exchange could be completed as soon as possible. Besides, in order to maintain</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">259</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">the Issuer&#8217;s sustained and sound development, it extended the credit period for the above two customers appropriately.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, within the reporting period, the credit policy of its sales business was relatively stable, and there was no loosening of credit policies or extending the credit period to stimulate sales.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Major customers for bills receivable and receivables financing, endorsement, discount and derecognition and whether relevant accounting treatment complies with the Accounting Standard for Business Enterprises;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Major customers for bills receivable and receivables financing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, face values about its top five customers for bills receivable and receivables financing are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Year</b></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">S/N</b></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Names of customers</b></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Year-end face value</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">At the end of 2021</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Kingsoon</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1,828.20</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer B</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1,445.10</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Epihouse Optoelectronics Co., Ltd.</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1,001.02</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Argosun</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">532.62</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Jiangsu Bree Optronics Co., Ltd.</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">364.59</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:60.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">5,171.53</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:16.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">At the end of 2020</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer B</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1,562.21</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Kingsoon</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1,648.94</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Epi Solution Technology Co., Ltd.</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">495.10</font></p></td></tr><tr style="height:42.45pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Everbright Photonics</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">330.00</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Guangdong Vital Advanced Materials Co., Ltd.</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">210.95</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:60.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">4,247.20</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">260</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:16.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">At the end of 2019</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Kingsoon</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1,326.35</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer B</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">938.50</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Epi Solution Technology Co., Ltd.</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">495.00</font></p></td></tr><tr style="height:2.1pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Everbright Photonics</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">286.40</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Guangdong Vital Advanced Materials Co., Ltd.</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">82.70</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:60.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">3,128.95</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In the semiconductor sector, it is common to adopt bills for settlement. At the end of each period of the reporting period, its customers for bills receivable and accounts receivable financing mainly include leading manufacturers of extended industry chain in China. In 2021, due to the tight supply of high-purity gallium and gallium oxide markets, its related income increased substantially, and Argosun Electronic New Materials Co., Ltd. and Jiangsu Bree Optronics Co., Ltd. were also among its top five customers of the bills receivable and accounts receivable financing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Financing endorsement, discount and derecognition of bills receivable and accounts receivable financing, and whether the relevant accounting treatments comply with the provisions of the accounting standards for business enterprises</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, no discount was found for bills receivable and accounts receivable financing on the part of the Issuer. At the end of each reporting period, the Issuer&#8217;s undue bills with endorsement had a balance of RMB40.0537 million, RMB70.7175 million and RMB100.1745 million, of which the bills derecognized accounted for 52.64%, 72.24% and 82.70%, respectively. The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100.6%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:28.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2021</b></p></td><td colspan="2" style="vertical-align:middle;width:26.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2020</b></p></td><td colspan="2" style="vertical-align:middle;width:27.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Amount derecognized by endorsement</font></p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 7.2pt 0pt 0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 8,284.38 </font></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 7.2pt 0pt 0pt;"><font style="font-size:10.5pt;">82.70%</font></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 7.2pt 0pt 0pt;"><font style="font-size:10.5pt;">5,108.86 </font></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 7.2pt 0pt 0pt;"><font style="font-size:10.5pt;">72.24%</font></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 7.2pt 0pt 0pt;"><font style="font-size:10.5pt;">2,108.29 </font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 7.2pt 0pt 0pt;"><font style="font-size:10.5pt;">52.64%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.05%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Amount not derecognized by endorsement</font></p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 7.2pt 0pt 0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 1,733.07 </font></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 7.2pt 0pt 0pt;"><font style="font-size:10.5pt;">17.30%</font></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 7.2pt 0pt 0pt;"><font style="font-size:10.5pt;">1,962.88 </font></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 7.2pt 0pt 0pt;"><font style="font-size:10.5pt;">27.76%</font></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 7.2pt 0pt 0pt;"><font style="font-size:10.5pt;">1,897.08 </font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 7.2pt 0pt 0pt;"><font style="font-size:10.5pt;">47.36%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">261</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100.87%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:17.06%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.33%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.92%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.92%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.97%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.79%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">10,017.45 </b></p></td><td style="vertical-align:middle;width:14.92%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:11.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">7,071.75 </b></p></td><td style="vertical-align:middle;width:14.92%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:11.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">4,005.37 </b></p></td><td style="vertical-align:middle;width:15.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the principle of prudence, the Issuer categorized the acceptance banks issuing the received bank acceptance bills as six major commercial banks with higher credit ratings and nine listed joint-stock commercial banks, other commercial banks and financial companies with average credit ratings. The above six major commercial banks include Bank of China, Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China, Postal Savings Bank of China and Bank of Communications, and the nine listed joint-stock commercial banks are China Merchants Bank, Shanghai Pudong Development Bank, China CITIC Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, Ping An Bank, Industrial Bank and Zheshang Bank. For acceptance bills from accepting banks with high credit ratings, the derecognition time is the endorsement transfer date, discount date or maturity date. While for acceptance bills from accepting banks with relatively low credit ratings and commercial acceptance bills accepted by enterprises, the derecognition time is the maturity date of the acceptance bills. Within the reporting period, the Issuer had no bill discount or bill default.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, within the reporting period, the derecognition of the endorsement of its bills receivable complies with relevant provisions of </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business Enterprises No. 23</i><i style="font-size:12pt;font-style:italic;"> &#8212; </i><i style="font-size:12pt;font-style:italic;">Transfer of Financial Assets</i><font style="font-size:12pt;">, </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business Enterprises No. 23</i><i style="font-size:12pt;font-style:italic;"> &#8212; </i><i style="font-size:12pt;font-style:italic;">Transfer of Financial Assets (Application Guide)</i><font style="font-size:12pt;">, Case Analysis of Listed Companies Implementing Accounting Standard for Business Enterprises (2020) and so forth.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Within the reporting period, whether there are any bills receivable transferred to accounts receivable, if so, explain related facts and reasons, and whether the aging is continuously calculated;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Within the reporting period, no bills received were due and cannot be accepted, and then transferred into accounts receivable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The guarantee deposits and other specific items of other receivables</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">262</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">match the amount of related items and therefore it is reasonable;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The deposits and other specific items of other receivables are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:35.23%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.61%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.57%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2021</b></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2020</b></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for construction</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">135.45</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">135.45</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">135.45</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for migrant workers&#8217; wage</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">69.63</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">69.63</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">23.63</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for utilities</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">19.20</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">19.20</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">19.20</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for rent</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">8.78</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">7.19</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5.19</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for gas cylinders</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">8.66</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">7.00</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">7.00</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for investment and construction</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">150.00</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">150.00</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Withholding tax</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">105.31</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for credit cards</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5.00</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5.00</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Insurance reimbursement receivable</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">7.20</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Staff reserve fund</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5.45</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">12.48</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">12.10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Others</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5.22</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">8.79</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">7.58</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.23%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">259.59</b></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">520.06</b></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">365.15</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The deposits and other balances of other receivables of the Issuer mainly include:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Tianjin Boyu, a subsidiary of the Issuer, and Tianjin Jingjin Zhongguancun Technology City Development Co., Ltd. signed an industrial land investment agreement for PBN project with a performance bond of RMB1,354,500. However, the actual operation of Tianjin Boyu in 2020 showed that it may fail to meet the required investment and tax target of RMB65,000,000, with full bad-debt provisions having been made for the remaining unpaid deposit of RMB1,354,500 at the end of 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">263</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Chaoyang Tongmei and Chaoyang Jinmei, subsidiaries of the Issuer, hired local migrant workers for factory construction. According to the Notice on Establishing the Guarantee System for Migrant Workers&#8217; Wages in Civil Construction, they paid wage guarantee for migrant workers of RMB236,300 and RMB460,000 to Human Resources and Social Security Bureau of Kazuo County in 2018 and 2020, respectively, and the above-mentioned payments have been recovered as of the date of this reply.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Tianjin Boyu, a subsidiary of the Issuer, paid a deposit of RMB192,000 for utilities according to relevant standards of State Grid Tianjin Power Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. In order to invest and build a factory in Chaoyang Kazuo Economic Development Zone, the Issuer paid an investment and construction deposit of RMB1,500,000 to the Management Committee of Chaoyang Kazuo Economic Development Zone, which was recovered in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. The withholding tax of RMB1,053,100 represents the individual income tax withheld and remitted by Beijing Boyu after Ulrich Goetz transferred its 4% equity in Beijing Boyu to AXT at the end of 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">6. Others mainly include deposits for rent, deposits for gas cylinders, insurance reimbursement receivables and staff reserve funds, etc..</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the guarantee deposits and other items of other receivables all incurred due to business-related events, with matching and rationality between relevant events and amounts.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(V) The payments and overdue payments of accounts receivable after due date at the end of each period of the reporting period, and whether no provision for bad debts for AXT and Customer B is in compliance and the provision for bad debts is sufficient in 2018, and differences compared with comparable companies in the same industry and relevant reasons.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The payments and overdue payments of accounts receivable after due date at the end of each period of the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of March 7, 2022, the payments of accounts receivable after due date at the end of each period of the reporting period are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">264</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:38.08%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:22.89%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.51%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.5%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.08%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">At the end of 2021</b></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">At the end of 2020</b></p></td><td style="vertical-align:middle;width:19.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">At the end of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.08%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.65pt;"><font style="font-size:10.5pt;">Balance of accounts receivable</font></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">22,195.99</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">15,376.06</font></p></td><td style="vertical-align:middle;width:19.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">13,113.26</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.08%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.65pt;"><font style="font-size:10.5pt;">Payment amount after due date</font></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">9,532.86</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">15,128.70 </font></p></td><td style="vertical-align:middle;width:19.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">13,034.47</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.08%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.65pt;"><font style="font-size:10.5pt;">Payment proportion after due date</font></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">42.95%</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">98.39%</font></p></td><td style="vertical-align:middle;width:19.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">99.40%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of March 7, 2022, the proportions of payments of the accounts receivable after due date at the end of each period of the reporting period were 99.40%, 98.39% and 42.95% respectively. The payments were made in a timely manner.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each reporting period, the overdue accounts receivable of the Company are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:21.46%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of 2021</b></p></td><td colspan="2" style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of 2020</b></p></td><td colspan="2" style="vertical-align:middle;width:26.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:21.46%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A</font><b style="font-size:10.5pt;font-weight:bold;">mount</b></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A</font><b style="font-size:10.5pt;font-weight:bold;">mount</b></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A</font><b style="font-size:10.5pt;font-weight:bold;">mount</b></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.46%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Within the credit period</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">10,540.84</font></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">47.49%</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">8,740.82</font></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">56.85%</font></p></td><td style="vertical-align:middle;width:13.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">6,055.79</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">46.18%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.46%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Delay for not more than 3 months</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">7,107.86</font></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">32.02%</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">4,655.62</font></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">30.28%</font></p></td><td style="vertical-align:middle;width:13.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">3,178.51</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">24.24%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.46%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Delay for more than 3 months</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">4,547.29</font></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">20.49%</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,979.61</font></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">12.87%</font></p></td><td style="vertical-align:middle;width:13.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">3,878.96</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">29.58%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.46%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">22,195.99</b></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">15,376.06</b></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:13.29%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">13,113.26</b></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">From the overall structure of accounts receivable, it can be seen that at the end of each reporting period, the proportion of accounts receivable within the credit period remained relatively stable, basically at about 50%; the proportion of accounts receivable delayed for more than 3 months decreased as a whole, showing an overall improvement of the delay situation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether no provision for bad debts for AXT and Customer B is in compliance and the provision for bad debts is sufficient in 2018, and differences compared with comparable companies in the same industry and relevant reasons</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Whether bad-debt provisions for AXT and Customer B is compliant and sufficient in 2018</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On December 31, 2018, the Issuer still applied the </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">265</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><i style="font-size:12pt;font-style:italic;">Business Enterprises No. 22 </i><i style="font-size:12pt;font-style:italic;">&#8212; </i><i style="font-size:12pt;font-style:italic;">Recognition and Measurement of Financial Instruments </i><font style="font-size:12pt;">(Cai Kuai [2006] No. 3) (hereinafter referred to as the &#8220;Former Standards for Financial Instruments&#8221;). According to Article 40 of the above standards, enterprises shall check the carrying amount of financial assets other than those measured at fair value and its balance is included in current profits and losses on the balance sheet date, and if there is any evidence showing that the financial assets are impaired, provision for impairment shall be done.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After comprehensively and cautiously evaluating the customer&#8217;s market position, shareholder&#8217;s background, credit status, business cooperation history, payment situation, business environment and other factors, the Issuer believed that AXT and Customer B had no signs of impairment, and no provision for bad debts should be made. The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) AXT is a NASDAQ listed company with sound credit. As both the customer and supplier of the Issuer, it has been a partner for many years. As of December 31, 2018, the amount payable to AXT by the Issuer is far greater than the amount of receivables from AXT, and both parties have communicated about the payment plan for such gap, which will be fully recovered after due date.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Customer B, a partner of the Company for over 20 years, boasts a favorable business performance, with a sales scale of RMB100 billion, a registered capital of RMB20 billion and a high credit rating, awarded a credit rating of AAA by China Lianhe Credit Rating Co., Ltd., all receivables from whom as of December 31 have been fully recovered after the due date.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">From January 1, 2019, the Issuer started to apply the Accounting Standard for Business Enterprises No. 22</font><font style="font-size:12pt;"> &#8212; </font><font style="font-size:12pt;">Recognition and Measurement of Financial Instruments (Cai Kuai [2017] No. 7) (hereinafter referred to as the &#8220;New Standards of Financial Instruments&#8221;). Taking into consideration the expected credit risk, for receivables, the Issuer first separates the receivables with significant amounts for impairment tests. The accounts receivable that have not been impaired after tests (including accounts receivable with significant and insignificant amounts), are included in the accounts receivable portfolio with similar credit risk characteristics for further impairment tests.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">266</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Certain Questions and Answers on IPO Business issued by China Securities Regulatory Commission, it is necessary to consider the expected credit risk instead of excluding the provision for bad debts on the grounds that the defaulting party is a related party customer, a high-quality customer or a customer regarding government projects. The Issuer categorizes the customers with accounts receivable as low-risk, medium-risk and high-risk customers, and therefore classifies it as a low-risk customer based on the above analysis of various dimensions of AXT and Customer B. Customers with a history of disputes or potential disputes or signs of bankruptcy are classified as high-risk customers, while other customers are classified as medium-risk customers. Depending on different risk categories, the expected default rate was taken into account, and the expected credit loss is accrued. As a result, the amounts due from AXT and Customer B have been accrued for expected credit losses accordingly since January 1, 2019.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, no provision for bad debts for AXT and Customer B at the end of 2018 was in line with the Former Standards for Financial Instruments. The receivables from AXT and Customer B have been recovered at the end of 2018. Since January 1, 2019, the Issuer has accrued impairment for the above customers according to the new standards for financial instruments, with sufficient provision for bad debts.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Differences compared with comparable companies in the same industry</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the proportions of provision for bad debts of the Issuer and comparable companies in the same industry based on the combination of credit risk characteristics in the expected credit loss model are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:24.78%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25.65%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25.65%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:23.89%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.78%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Comparable companies in the same industry</b></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">At the end of 2021</b></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">At the end of 2020</b></p></td><td style="vertical-align:middle;width:23.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">At the end of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.78%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">SICC</font></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5.00%</font></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5.00%</font></p></td><td style="vertical-align:middle;width:23.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.78%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">NSIG</font></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">0.73%</font></p></td><td style="vertical-align:middle;width:23.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1.17%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.78%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">0.65%</font></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">0.43%</font></p></td><td style="vertical-align:middle;width:23.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">0.72%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">267</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: The data on SICC and NSIG are sourced from their annual reports and prospectuses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer&#8217;s overall expected credit loss rate is consistent with the historical bad debt loss rate, and meanwhile it is close to that of NSIG and lower than that of SICC. The Issuer is more related to NSIG in terms of customer base and concentration. After excluding AXT, the Issuer&#8217;s revenue from the top five customers of NSIG accounts for less than 30% of the total, with a certain proportion of overseas customers. However, the Issuer&#8217;s revenue from the top five customers of SICC accounts for more than 80% of the total, mainly including Chinese customers, with some jeweler customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the above standard, the Issuer categorizes its customers as low-risk customers, medium-risk customers and high-risk customers. Appraisers adopt the credit rating to calculate ECL for low-risk customers, and the default rate of AAA bond rating of Brilliance Ratings as the historical default rate. The migration rate model is used to calculate ECL for medium-risk customers. The migration rate model is constructed according to the average migration of accounts receivable in the past three fiscal years so as to get the historical default rate. Then, calculate the expected default rate = historical default rate </font><font style="color:#111111;font-size:13.5pt;">&#215;</font><font style="font-size:12pt;"> prospective adjustments </font><font style="color:#111111;font-size:13.5pt;">&#215;</font><font style="font-size:12pt;"> discount coefficient.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the Issuer has conducted provision for bad debts for accounts receivable according to its own actual condition. Its overall expected credit loss rate is close to that of NSIG and lower than that of SICC, which is mainly due to different customer structure, end-user market environment, customer distribution and so forth, and therefore it is reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. Intermediaries&#8217; verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In response to the above matters, the Sponsor and the Reporting Accountant have performed the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Taking into account the revenue, analyze the reasons and rationality of the rapid growth of accounts receivable balance, bills receivable and the receivables financing at the end of each period of the reporting period; Acquire the sales contracts signed by the Issuer and major customers, check the credit policies agreed in the contracts, and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">268</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">analyze whether there are any changes in the credit policies for major customers within the reporting period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Refer to the Law of the People&#8217;s Republic of China on Negotiable Instruments, Accounting Standard for Business Enterprises No. 23</font><font style="font-size:12pt;"> &#8212; </font><font style="font-size:12pt;">Transfer of Financial Assets, Accounting Standard for Business Enterprises No. 23</font><font style="font-size:12pt;"> &#8212; </font><font style="font-size:12pt;">Transfer of Financial Assets (Application Guide), Case Analysis of Listed Companies Implementing Accounting Standard for Business Enterprises (2020) and other documents, and check whether the bills receivable that have been derecognized at the end of each period of the reporting period meet the derecognition requirements of Accounting Standard for Business Enterprises</font><font style="font-size:12pt;">&#65307;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Obtain the details of the memorandum book of bills receivable within the reporting period, check the information such as the drawer, the previous signer, and the term and type of the bill, count the bills receivable received and endorsed within the reporting period and the major customers of the previous signer, and check the endorsement records and accounting treatment;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. Conduct sampling inspection of large-amount guarantee deposits and other items in other receivables, check the reasons for their formation, check relevant guarantee contracts, deposit payment vouchers and other related documents, and recheck the rationality of the amount;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. Obtain the aging schedule of the Issuer&#8217;s accounts receivable within the reporting period and the schedule of payment after due date, and analyze the risk of recovering accounts receivable and whether the provision for bad debts is sufficient. Acquire the details of the Issuer&#8217;s single provision for bad debts within the reporting period, and analyze the reasons and rationality. Check the policy of provision for bad debts of accounts receivable of comparable companies in the same industry, and compare and analyze whether there is significant difference between the policy of provision for bad debts of accounts receivable of the Issuer and that of comparable companies in the same industry;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">6. Refer to the Accounting Standard for Business Enterprises No. 22</font><font style="font-size:12pt;"> &#8212; </font><font style="font-size:12pt;">Recognition and Measurement of Financial Instruments (Cai Kuai [2006] No. 3) and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">269</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">the Accounting Standard for Business Enterprises No. 22</font><font style="font-size:12pt;"> &#8212; </font><font style="font-size:12pt;">Recognition and Measurement of Financial Instruments (Cai Kuai [2017] No. 7;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">7. Interview the Issuer&#8217;s finance chief, understand and evaluate the design effectiveness of its internal control on the recognition of accounts receivable, and test the operational effectiveness of key controls;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">8. Confirm the balance of accounts receivable of the Issuer at the end of each period of the reporting period by letter. Spot check related sales contracts, invoices, payment receipts and other supporting documents for inspection;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">9. Review the rationality of the Issuer&#8217;s expected credit loss model with the support of the internal valuation experts of the Reporting Accountant, make recalculation based on the model and compare with the results of the Issuer;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">10. Interview the Issuer&#8217;s major customers within the reporting period, obtain the credit reports of major overseas customers, basic information of Chinese customers and relevant public information through public channels, confirm the transactions between both parties, and pay attention to and analyze the customer&#8217;s industry status, credit status, business status, etc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon verification, the Sponsor and the Reporting Accountant believe that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. The increase of accounts receivable balance is mainly due to the increase of revenue. The ending balance of accounts receivable matches the Issuer&#8217;s sales scale and therefore it is reasonable. Based on the business exchange between AXT and the Issuer, by working more closely with the customer, the Issuer gave the customer certain buffer time in handling matters such as contract management and fund audit, so as to complete the business exchange as soon as possible. On the other hand, in order to maintain the sustained and sound business growth between the Issuer and its customer, the Issuer appropriately extended the credit period for Osram and Landmark Optoelectronics. Within the reporting period, the Issuer&#8217;s credit policy for major customers remained unchanged, and the Issuer did not loosen its credit policy to stimulate sales;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Within the reporting period, the customer has no financing discount of bills</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">270</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">receivable and accounts receivable. Relevant accounting treatments such as endorsement and derecognition of bills receivable and financing of accounts receivable comply with the provisions of Accounting Standard for Business Enterprises;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. During the reporting period, the Company was not subject to conversion of bills receivable into accounts receivable due to any dishonoring of the former at maturity;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. The guarantee deposits and other amounts of other receivables match related items and therefore it is reasonable;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. The Issuer&#8217;s bad-debt provision policy is in line with its own business characteristics and the historical receipts from customers. During the reporting period, accounts receivable were collected in a timely manner with sufficient bad-debt provisions having been made.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q14. Non-current assets</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">14.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus, 1) the fixed assets of the Issuer were comprised, primarily, of production equipment and properties and buildings, of which the production equipment mainly included special production machines such as crystal growth furnace; 2) At the end of each period of the reporting period, the fixed assets amounted to RMB282,799,700, RMB308,761,300, RMB614,605,700 and RMB615,789,700 respectively, while the balance of the lease liabilities amounted to 0, RMB13,116,600, RMB11,845,900 and RMB20,245,000 respectively.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the distribution of fixed assets in the parent company and subsidiaries, the valuation basis and principles for the fixed assets acquired through reorganization; (2) the details and depreciation periods of the main machines and equipment, the appropriateness of the depreciation policy, the consistency of the depreciation policy in each subsidiary, and any difference from the comparable companies in the same industry; (3) the matching performance between the scale of the production equipment and the changes in</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">271</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">production capacity, output and </b><b style="font-size:12pt;font-weight:bold;">production and operation size</b><b style="font-size:12pt;font-weight:bold;">; (4) reasons for the fixed assets held under a finance lease, composition of such fixed assets and reasons for the changes, and whether the accounting treatment of these fixed assets is in compliance with the Accounting Standard for Business Enterprises.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanation from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Distribution of fixed assets in the parent company and subsidiaries, valuation basis and principles for the fixed assets acquired through reorganization;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 23.4pt;"><b style="font-size:12pt;font-weight:bold;">1. Distribution of fixed assets in the parent company and subsidiaries</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">As of December 31, 2021, the original cost distribution of fixed assets in parent company and subsidiaries is outlined as below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:17.41%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.5%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.74%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.86%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.03%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.1%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.34%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:13.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Properties and buildings</b></p></td><td style="vertical-align:middle;width:12.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Machines and equipment</b></p></td><td style="vertical-align:middle;width:13.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Tools and instrument</b></p></td><td style="vertical-align:middle;width:16.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Transportation equipment</b></p></td><td style="vertical-align:middle;width:13.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Office equipment</b></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">20,690.80</font></p></td><td style="vertical-align:middle;width:12.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">20,227.39</font></p></td><td style="vertical-align:middle;width:13.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1,637.01</font></p></td><td style="vertical-align:middle;width:16.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">490.11</font></p></td><td style="vertical-align:middle;width:13.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">279.29</font></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">43,324.60</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Baoding Tongmei</font></p></td><td style="vertical-align:middle;width:13.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">22,906.50</font></p></td><td style="vertical-align:middle;width:12.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">7,792.54</font></p></td><td style="vertical-align:middle;width:13.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">331.66</font></p></td><td style="vertical-align:middle;width:16.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">34.10</font></p></td><td style="vertical-align:middle;width:13.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">61.28</font></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">31,126.08</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Chaoyang Tongmei</font></p></td><td style="vertical-align:middle;width:13.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">13,634.58</font></p></td><td style="vertical-align:middle;width:12.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5,914.01</font></p></td><td style="vertical-align:middle;width:13.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">2,041.11</font></p></td><td style="vertical-align:middle;width:16.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">20.20</font></p></td><td style="vertical-align:middle;width:13.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">42.50</font></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">21,652.40</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Chaoyang Jinmei</font></p></td><td style="vertical-align:middle;width:13.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">3,895.57</font></p></td><td style="vertical-align:middle;width:12.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1,100.84</font></p></td><td style="vertical-align:middle;width:13.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">16.57</font></p></td><td style="vertical-align:middle;width:16.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">8.10</font></p></td><td style="vertical-align:middle;width:13.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">14.47</font></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5,035.55</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:13.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:13.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:16.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">127.79</font></p></td><td style="vertical-align:middle;width:13.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">7.05</font></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">134.84</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5,728.28</font></p></td><td style="vertical-align:middle;width:12.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">2,628.25</font></p></td><td style="vertical-align:middle;width:13.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1,227.04</font></p></td><td style="vertical-align:middle;width:16.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">215.03</font></p></td><td style="vertical-align:middle;width:13.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">98.93</font></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">9,897.53</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.41%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Chaoyang Xinmei</font></p></td><td style="vertical-align:middle;width:13.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:13.86%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:16.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">25.88</font></p></td><td style="vertical-align:middle;width:13.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">25.88</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">272</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:101.51%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:17.42%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.48%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.74%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.86%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.04%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.1%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.34%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">AXT-Tongmei</font></p></td><td style="vertical-align:middle;width:13.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:13.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:16.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:13.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">6.92</font></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">6.92</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.42%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.48%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">66,855.73</b></p></td><td style="vertical-align:middle;width:12.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">37,663.03</b></p></td><td style="vertical-align:middle;width:13.86%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">5,253.38</b></p></td><td style="vertical-align:middle;width:16.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">921.21</b></p></td><td style="vertical-align:middle;width:13.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">510.43</b></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">111,203.80</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><b style="font-size:12pt;font-weight:bold;">2. Valuation basis and principles for the fixed assets acquired through reorganization</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">In accordance with </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business Enterprises No. 20 &#8212; Business Combinations</i><font style="font-size:12pt;"> (2006), with respect to the business combinations involving entities under common control, the assets and liabilities that are obtained by the acquirer in a business combination shall be measured at their carrying amounts determined by the acquiree at the combination date. The difference between the carrying amount of the net assets obtained and the carrying amount of the consideration paid for the combination (or the aggregate face value of shares issued as consideration) shall be adjusted against capital surplus. If the capital surplus is not sufficient to absorb the difference, any excess shall be adjusted against retained earnings.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">The reorganization in December 2020 is the business combination involving entities under common control; therefore, the fixed assets acquired by the Issuer through reorganization shall be measured at their carrying amounts at the reorganization date as recorded in the financial statements of the Company. The difference between the carrying amount of the net assets obtained by the Company of the restructured party and the carrying amount of the aggregate face value of shares issued as consideration shall be adjusted against share premium under capital surplus. If the capital surplus is not sufficient to absorb the difference, any excess shall be adjusted against retained earnings.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Details and depreciation periods of the main machines and equipment, the appropriateness of the depreciation policy, the consistency of the depreciation policy in each subsidiary, and any difference from the comparable companies in the same industry;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">273</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><b style="font-size:12pt;font-weight:bold;">1. Details and depreciation periods of the main machines and equipment</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">As of December 31, 2021, the details and depreciation periods of the Company&#8217;s main machines and equipment are outlined as below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000, year(s)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:38.29%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:30.86%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:30.84%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:38.29%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of equipment</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:30.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Original cost</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:30.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Depreciation period</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.29%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Control facilities</font></p></td><td style="vertical-align:middle;width:30.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">5,938.26</font></p></td><td style="vertical-align:middle;width:30.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">5-10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.29%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Polisher</font></p></td><td style="vertical-align:middle;width:30.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">4,909.87</font></p></td><td style="vertical-align:middle;width:30.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">15</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.29%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Cutting equipment</font></p></td><td style="vertical-align:middle;width:30.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">2,886.82</font></p></td><td style="vertical-align:middle;width:30.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">5-15</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.29%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Detectors</font></p></td><td style="vertical-align:middle;width:30.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">2,632.62</font></p></td><td style="vertical-align:middle;width:30.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.29%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Edge trimming machines</font></p></td><td style="vertical-align:middle;width:30.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">1,942.30</font></p></td><td style="vertical-align:middle;width:30.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">15</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.29%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Cleaner</font></p></td><td style="vertical-align:middle;width:30.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">1,665.48</font></p></td><td style="vertical-align:middle;width:30.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">5-10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.29%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Protective shells made of iron</font></p></td><td style="vertical-align:middle;width:30.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">1,609.11</font></p></td><td style="vertical-align:middle;width:30.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">20</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.29%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Sintering furnaces</font></p></td><td style="vertical-align:middle;width:30.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">1,236.73</font></p></td><td style="vertical-align:middle;width:30.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.29%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Drying machines</font></p></td><td style="vertical-align:middle;width:30.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">1,065.54</font></p></td><td style="vertical-align:middle;width:30.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.29%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Marking machines</font></p></td><td style="vertical-align:middle;width:30.86%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">824.54</font></p></td><td style="vertical-align:middle;width:30.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:11pt;">10</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><b style="font-size:12pt;font-weight:bold;">2. Appropriateness of the depreciation policy, the consistency of the depreciation policy in each subsidiary, and any difference from the comparable companies in the same industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">The Company and all the subsidiaries adopt the consistent depreciation policy. The Company has specified different depreciation periods for different kinds of machines and equipment based on the purposes, estimated useful lives and practical experience, among which, the service life of most of the machines and equipment is between 5 and 15 years; the protective shells made of iron with a value of RMB16,091,100 are primarily used as fixing support for the crystal growth furnaces to provide certain protection. Because of the solid and durable material and based on the Company&#8217;s practical experience, the protective shells are expected to be used for a long time, therefore their amortization period is 20 years.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">Comparison of depreciation period of machines and equipment between the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">274</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 0.5pt;"><font style="font-size:12pt;">Company and the comparable companies in the same industry:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:25%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">SICC</b></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">NSIG</b></p></td><td style="vertical-align:middle;width:25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Issuer</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Machines and equipment</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3-10 years</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3-15 years</font></p></td><td style="vertical-align:middle;width:25%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5-20 years</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">Compared with the comparable listed companies in the same industry, except that the protective shells made of iron have a 20-year depreciation period thanks to their longer useful life, there is no big difference in the depreciation period of the other machines and equipment between the Company and the comparable listed companies in the same industry.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Matching performance between the scale of the production equipment and the changes in production capacity, output and production and operation size;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">During the reporting period, the matching performance between the scale of the production equipment and the changes in production capacity, output and production and operation size is outlined as below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">In RMB0&#8217;000, piece(s)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:34.12%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:27.05pt;"><td style="vertical-align:middle;width:34.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><div style="height:27.05pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Item</b></p></div></div></td><td style="vertical-align:middle;width:21.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><div style="height:27.05pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">December 31, 2021/</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"><br></b><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2021</b></p></div></div></td><td style="vertical-align:middle;width:21.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><div style="height:27.05pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">December 31, 2020/</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"><br></b><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2020</b></p></div></div></td><td style="vertical-align:middle;width:21.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><div style="height:27.05pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">December 31, 2019/</b><b style="color:#333333;font-size:10.5pt;font-weight:bold;"><br></b><b style="color:#333333;font-size:10.5pt;font-weight:bold;">2019</b></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:34.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Machines and equipment</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">37,663.03</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">35,141.29</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">33,745.83</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:34.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Production capacity (converted into 2-inch)</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">497.72</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">384.95</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">339.20</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:34.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Output (converted into 2-inch)</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">487.76</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">346.88</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">294.65</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:34.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Sales volume (converted into 2-inch)</font></p></td><td style="vertical-align:middle;width:21.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">427.54</font></p></td><td style="vertical-align:middle;width:21.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">333.30</font></p></td><td style="vertical-align:middle;width:21.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">279.48</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:34.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Production capacity per machine</font></p></td><td style="vertical-align:middle;width:21.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">0.013</font></p></td><td style="vertical-align:middle;width:21.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">0.011</font></p></td><td style="vertical-align:middle;width:21.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">0.010</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:34.12%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Output per machine</font></p></td><td style="vertical-align:middle;width:21.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">0.013</font></p></td><td style="vertical-align:middle;width:21.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">0.010</font></p></td><td style="vertical-align:middle;width:21.94%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">0.009</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">From the above table, it can be seen that in each period of the reporting period, the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">275</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">scale of the Company&#8217;s production equipment basically matches its production capacity, output and operation scale. With the improvement and optimization of the process flow and the gradual enhancement of employee proficiency after the relocation in Chaoyang and Baoding to stabilize the production, the unit production capacity and output of equipment have increased.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) Reasons for the fixed assets held under a finance lease, composition of such fixed assets and reasons for the changes, and whether the accounting treatment of these fixed assets is in compliance with the Accounting Standard for Business Enterprises.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><b style="font-size:12pt;font-weight:bold;">1. Reasons for the fixed assets held under a finance lease, composition of such fixed assets and reasons for the changes</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">The Issuer signed the Nitrogen Supply Agreement with Air Liquide (Tianjin) Co., Ltd. in 2018. It is agreed that the Company rents the nitrogen generator and nitrogen supply system under a finance lease which is used to supply the nitrogen in the production process. Compared with the procurement of liquid nitrogen, it is more cost-efficient to produce the nitrogen on the site with necessary nitrogen generators when the monthly nitrogen consumption exceeds the economic balance point. Additionally, the transportation of liquid nitrogen might be affected by some uncertain factors such as the traffic and it is more reliable and safer to produce nitrogen on the site. If the Company purchases the nitrogen generators and nitrogen supply system directly, it is a big investment with high maintenance costs. Therefore, it is more advisable to lease the equipment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the original cost of the fixed assets under a finance lease remains RMB14,794,900 with no change at all. Besides the nitrogen generators and nitrogen supply system, there is no other assets held under a finance lease during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether the accounting treatment of these fixed assets is in compliance with the Accounting Standard for Business Enterprises</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">276</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:31.45pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">(1) Prior to January 1, 2021</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">According to the terms and conditions of the lease contract signed between the Company and Air Liquide (Tianjin) Co., Ltd. in 2018, the lease term of the nitrogen supply system is ten years, matching with the ten-year estimated useful life of the nitrogen supply system, which satisfies Article 6 of Accounting Standard for Business Enterprises No. 21</font><font style="font-size:12pt;"> &#8212; Leases</font><font style="font-size:12pt;"> (Cai Kuai [2006] No. 3): If a lease meets one ore more of the following criteria, it should be classified as a finance lease: (iii) even if the ownership of the asset is not transferred, the lease term covers the major part of the useful life of the leased asset.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 22pt;"><font style="font-size:12pt;">1) Initial measurement</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">For the above fixed assets, the Company entered them in the item of &#8220;fixed assets&#8221; as debits based on the present value of minimum lease payment, entered them in the item of &#8220;long-term accounts payable&#8221; as credits based on the minimum lease payment, entered them in the item of &#8220;bank deposit&#8221; as credits based on the direct expenses initially incurred, and entered them in the item of &#8220;unrecognized financing expenses&#8221; as debits based on the difference, at the commencement date of the lease.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 22pt;"><font style="font-size:12pt;">2) Subsequent measurement</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">The rents to be paid as scheduled were entered by the Company in the item of &#8220;long-term accounts payable&#8221; as debits and entered in the item of &#8220;bank deposit&#8221; as credits; the unrecognized finance charges distributed under the effective interest rate method shall be entered in the item of &#8220;financial expenses&#8221; as debits and entered in the item of &#8220;unrecognized finance charges&#8221; as credits; the depreciation to be calculated as scheduled shall be entered in the item of &#8220;manufacturing expenses&#8221; as debits and entered in the item of &#8220;accumulated depreciation&#8221; as credits.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">In conclusion, the accounting treatment in 2019 and 2020 complies with the provisions of Accounting Standard for Business Enterprises No. 21</font><font style="font-size:12pt;"> &#8212; Leases</font><font style="font-size:12pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:31.45pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">(2) After January 1, 2021</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">277</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">The new lease rules come in force on January 1, 2021. According to the Article 14 of Accounting Standard for Business Enterprises No. 21</font><font style="font-size:12pt;"> &#8212; Leases</font><font style="font-size:12pt;"> (Cai Kuai [2018] No. 35): At the commencement date of the lease, the lessee shall recognize the right-of-use assets and lease liabilities except for the short-term lease and the lease of low-value assets of which the treatment is simplified according to Section 3, Chapter 3 of the Standard; Article 30: Short-term lease refers to the lease with a lease term no longer than 12 months on the commencement date of the lease; Article 31: Lease of low-value assets refers to a lease with a single leased asset having a relatively low value when it is brand new.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">According to the terms and conditions in the lease contract signed between the Company and Air Liquide (Tianjin) Co., Ltd. in 2018, the lease term of the nitrogen supply system is ten years and the price is high. Therefore, it doesn&#8217;t meet the criteria of short-term lease and lease of low-value assets. Instead, it shall be recognized as right-of-use assets and lease liabilities and considered as general lease in the subsequent measurement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 22pt;"><font style="font-size:12pt;">1) Initial measurement</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">The right to use the above nitrogen supply system during the lease term was recognized by the Company as right-of-use assets at the commencement date of the lease, including the amount of the lease liabilities in the initial measurement; estimated costs to be assumed by the Company for dismantling and removing the system, restoration of the venue where the system is located or restoring the system to the particular status specified in the lease contract. The present value of the unpaid lease payment shall be recognized as lease liabilities. When calculating the present value of the lease payment, the Company considers the incremental borrowing rate as discount rate as the interest rate implicit in lease is uncertain.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 22pt;"><font style="font-size:12pt;">2) Subsequent measurement</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0.5pt;"><font style="font-size:12pt;">Right-of-use assets are depreciated using the straight-line method in the subsequent measurement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">278</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The lease payment made as scheduled is entered in the item of &#8220;long-term accounts payable&#8221; as debits and in the item of &#8220;bank deposit&#8221; as credits. The interest expenses of the lease liabilities during the lease term are calculated according to the incremental borrowing rate and recognized as profit or loss in the current period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the above-mentioned accounting treatment complies with the provisions of </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business Enterprises No. 21</i><i style="font-size:12pt;font-style:italic;"> &#8212; Leases</i><font style="font-size:12pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">14.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">At the end of each period of the reporting period, the carrying amount of the construction in progress of the Issuer was RMB203,530,400, RMB332,609,300, RMB122,638,000 and RMB158,570,900.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: the composition of the construction in progress, intended purposes, construction period, schedule and estimated time required to transfer to fixed assets.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to explain the procedures, basis and conclusion of the verification performed on the construction in progress and the relevant payments.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanation from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The composition of the construction in progress, budget, ending book value, intended purposes, construction period, schedule and estimated time required to transfer to fixed assets on the part of the Company are outlined as below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">279</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:15.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.71%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:8.97%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:8.53%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:8.59%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:8.97%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.83%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:7.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Project</b></p></td><td style="vertical-align:middle;width:18.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Intended purpose</b></p></td><td style="vertical-align:middle;width:8.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Budget</b></p></td><td style="vertical-align:middle;width:8.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">End of </b><b style="font-size:8.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:8.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">End of </b><b style="font-size:8.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:8.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">End of </b><b style="font-size:8.5pt;font-weight:bold;">2019</b></p></td><td style="vertical-align:middle;width:10.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Construction period</b></p></td><td style="vertical-align:middle;width:7.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Time required to transfer to fixed assets</b></p></td><td style="vertical-align:middle;width:11.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Construction progress by the end of 2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">GaAs crystal synthesis and growth and wafer processing expansion project</font></p></td><td style="vertical-align:middle;width:18.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt;"><font style="font-size:8.5pt;">Expansion of 2~6-inch GaAs crystal and &#160;substrate production workshop and supporting facilities</font></p></td><td style="vertical-align:middle;width:8.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">4,692.54</font></p></td><td style="vertical-align:middle;width:8.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">-</font></p></td><td style="vertical-align:middle;width:8.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">232.17</font></p></td><td style="vertical-align:middle;width:8.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">655.07</font></p></td><td style="vertical-align:middle;width:10.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">36 months</font></p></td><td style="vertical-align:middle;width:7.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">2021.3</font></p></td><td style="vertical-align:middle;width:11.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">Completed</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">InP crystal growth and wafer processing and production expansion project</font></p></td><td style="vertical-align:middle;width:18.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt;"><font style="font-size:8.5pt;">Expansion of 2~4-inch InP crystal and substrate production workshop and supporting facilities</font></p></td><td style="vertical-align:middle;width:8.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">6,968.14</font></p></td><td style="vertical-align:middle;width:8.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">781.85</font></p></td><td style="vertical-align:middle;width:8.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">1,828.96</font></p></td><td style="vertical-align:middle;width:8.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">882.95</font></p></td><td style="vertical-align:middle;width:10.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">51 months</font></p></td><td style="vertical-align:middle;width:7.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">2022.12</font></p></td><td style="vertical-align:middle;width:11.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">78.77%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">Single crystal wafer and related semiconductor material production project</font></p></td><td style="vertical-align:middle;width:18.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt;"><font style="font-size:8.5pt;">Expansion of 2~4-inch GaAs substrate production workshop and supporting facilities</font></p></td><td style="vertical-align:middle;width:8.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">24,232.45</font></p></td><td style="vertical-align:middle;width:8.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">996.97</font></p></td><td style="vertical-align:middle;width:8.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">1,126.61</font></p></td><td style="vertical-align:middle;width:8.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">15,166.41</font></p></td><td style="vertical-align:middle;width:10.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">48 months</font></p></td><td style="vertical-align:middle;width:7.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">2022.5</font></p></td><td style="vertical-align:middle;width:11.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">72.41%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">PBN product project II</font></p></td><td style="vertical-align:middle;width:18.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt;"><font style="font-size:8.5pt;">Production workshop and supporting facilities of Tianjin Boyu &#160;for PBN crucible and other materials</font></p></td><td style="vertical-align:middle;width:8.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">7,233.00</font></p></td><td style="vertical-align:middle;width:8.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">909.11</font></p></td><td style="vertical-align:middle;width:8.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">695.50</font></p></td><td style="vertical-align:middle;width:8.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">1,101.43</font></p></td><td style="vertical-align:middle;width:10.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">48 months</font></p></td><td style="vertical-align:middle;width:7.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">2022.6</font></p></td><td style="vertical-align:middle;width:11.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">66.85%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.96%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">GaAs crystal semiconductor material production project</font></p></td><td style="vertical-align:middle;width:18.71%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt;"><font style="font-size:8.5pt;">Expansion of 2~6-inch GaAs crystal and substrate production workshop and supporting facilities</font></p></td><td style="vertical-align:middle;width:8.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">19,263.18</font></p></td><td style="vertical-align:middle;width:8.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">5,023.19</font></p></td><td style="vertical-align:middle;width:8.59%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">2,708.21</font></p></td><td style="vertical-align:middle;width:8.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">9,548.78</font></p></td><td style="vertical-align:middle;width:10.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">48 months</font></p></td><td style="vertical-align:middle;width:7.86%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">2022.6</font></p></td><td style="vertical-align:middle;width:11.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">80.00%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">280</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:16.42%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.16%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:7.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:7.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">InP single crystal wafer production project</font></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt;"><font style="font-size:8.5pt;">2~4-inch InP substrate production workshop and supporting facilities</font></p></td><td style="vertical-align:middle;width:9.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">3,475.71</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">2,264.51</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">1,616.98</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">1,340.67</font></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">60 months</font></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">2022.12</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">86.11%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">High-purity semiconductor preliminary material production project</font></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt;"><font style="font-size:8.5pt;">Production workshop and supporting facilities for high-purity gallium and other materials &#160;</font></p></td><td style="vertical-align:middle;width:9.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">7,692.70</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">3,018.03</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">2,565.94</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">138.80</font></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">36 months</font></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">2022.5</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">92.79%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">High-purity arsenic project</font><font style="font-size:8.5pt;"><br></font><font style="color:#0000ff;font-size:8.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt;"><font style="font-size:8.5pt;">High-purity arsenic &#160; production workshop, supporting facilities and administrative building</font></p></td><td style="vertical-align:middle;width:9.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">9,242.83</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">5,428.89</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">-</font></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">15 months</font></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">2022.10</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">58.74%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">Other</font></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt;"><font style="font-size:8.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">3,460.66</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">1,489.42</font></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:8.5pt;">4,426.82</font></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">-</font></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt;"><font style="font-size:8.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;">21,883.21</b></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;">12,263.79</b></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;">33,260.93</b></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">-</font></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><font style="font-size:8.5pt;">-</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The Sponsor and the Reporting Accountant are required to explain the procedures, basis and conclusion of the verification performed on the construction in progress and the relevant payments.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In response to the above matters, the Sponsor and the Reporting Accountant have performed the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Review the detailed account of the construction in progress and the list of the construction in progress transferred to fixed assets, examine the original vouchers and payment bills of relevant equipment and projects randomly, and match them with equipment procurement contracts, construction contracts, invoices and other materials;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Review the budget documents of construction in progress, accounting policy applicable for construction in progress, project contracts, invoices and relevant documents, and examine the delivery, handover and completion of construction in</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">281</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">progress etc.;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Pay a site visit and make a survey at the site of the construction in progress, and pay attention to the completion of construction in progress as well as any damage or idleness; examine whether the completed construction in progress has not been transferred to fixed assets;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. Inquire and interview some of the suppliers, review the bank statement of the controlling shareholders, directors, supervisors, senior management, sale and procurement manager, staff playing a leading role in the finance, sale and procurement management to identify associated relationship and any payment made to or received from suppliers;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. Obtain all bank statements of the Issuer for the reporting period; review the inflow and outflow with a large amount in the bank statement of the Issuer and verify the business background for such large-amount inflow and outflow to make sure it matches the expenditures of the construction in progress of the Issuer; pay attention to the transaction records between the Issuer and its affiliates and inquire the Issuer about the business background of such transaction and verify whether its affiliates make payment to the suppliers on behalf of the Issuer or not.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:22pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:11pt;font-weight:bold;">(II) </b><b style="font-size:12pt;font-weight:bold;">Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon verification, the Sponsor and the Reporting Accountant believe that the accounting of the construction in progress during the reporting period by the Company is complete, authentic and accurate and the payments made during this period are authentic and accurate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">14.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus, at the end of each year during the reporting period, the Issuer&#8217;s carrying amount of intangible assets was RMB59,213,700, RMB58,410,000, RMB59,404,500 and RMB18,742,900, which included the land use right, patents and software. At the end of June 2021, the patents increased by RMB8,012,600, which were the intellectual property right licenses granted by</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">282</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">AXT to the Issuer and its controlled subsidiaries.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) how the software is acquired and its specific purpose, and whether the transfer price of patents is fair and the basis for the transfer price; (2) how the amortization period of intangible assets is determined and whether the accounting treatment complies with the Accounting Standard for Business Enterprises.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanation from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) How the software is acquired and its specific purpose, and basis for the fair transfer price of patents;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. How the software is acquired and its specific purpose</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of December 31, 2021, the Issuer owns the following patents:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:8.99%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:34.32%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">S/N</b></p></td><td style="vertical-align:middle;width:34.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Software</b></p></td><td style="vertical-align:middle;width:20.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Original cost</b></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Acquisition method</b></p></td><td style="vertical-align:middle;width:20.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Purpose</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:34.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Enterprise management software MES System</font></p></td><td style="vertical-align:middle;width:20.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.05pt 0pt 0pt;"><font style="font-size:10.5pt;">215.96</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Purchase</font></p></td><td style="vertical-align:middle;width:20.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Business purpose</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:34.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Mcafee</font></p></td><td style="vertical-align:middle;width:20.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.05pt 0pt 0pt;"><font style="font-size:10.5pt;">53.79</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Purchase</font></p></td><td style="vertical-align:middle;width:20.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Business purpose</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:34.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">HRSOFT Software</font></p></td><td style="vertical-align:middle;width:20.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.05pt 0pt 0pt;"><font style="font-size:10.5pt;">33.02</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Purchase</font></p></td><td style="vertical-align:middle;width:20.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Business purpose</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:34.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">office 2010</font></p></td><td style="vertical-align:middle;width:20.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.05pt 0pt 0pt;"><font style="font-size:10.5pt;">24.06</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Purchase</font></p></td><td style="vertical-align:middle;width:20.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Business purpose</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:34.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">WIN10 Office365 Software</font></p></td><td style="vertical-align:middle;width:20.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.05pt 0pt 0pt;"><font style="font-size:10.5pt;">23.65</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Purchase</font></p></td><td style="vertical-align:middle;width:20.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Business purpose</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:34.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Minitab Software</font></p></td><td style="vertical-align:middle;width:20.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.05pt 0pt 0pt;"><font style="font-size:10.5pt;">21.51</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Purchase</font></p></td><td style="vertical-align:middle;width:20.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Business purpose</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;width:34.32%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Others</font></p></td><td style="vertical-align:middle;width:20.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.05pt 0pt 0pt;"><font style="font-size:10.5pt;">108.75</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Purchase</font></p></td><td style="vertical-align:middle;width:20.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Business purpose</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:43.31%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:20.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.05pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">480.74</b></p></td><td style="vertical-align:top;width:14.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:20.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">It can be seen from the above table that the software owned by the Issuer is related to business operations such as daily office use.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Basis for the fair transfer price of patents</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In November 2021, the Company entered into a Technology License Agreement with AXT, the controlling shareholder, pursuant to which, AXT shall license its patents and intellectual property rights, having an original cost of RMB8,012,600, to the Issuer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">283</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">on a perpetual basis.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the appraisal report issued by Armanino LLP, a US appraisal institution appointed by the Issuer, Armanino LLP appraised the fair value of the patents with the income approach and in terms of royalty rates, selected 12 companies listed in the US stock market as comparable companies in the same industry for comparison taking January 1, 2021 as the base date. For details, please refer to &#8220;2.3 (II) AXT has no actual business, the reason for taking the licensing mode rather than transfer and the fairness of license royalties&#8221; in Q2.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the transfer price related to the patents between the Issuer and AXT is fair.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) How the amortization period of intangible assets is determined and whether the accounting treatment complies with the Accounting Standard for Business Enterprises</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the Accounting Standard for Business Enterprises, the enterprises shall analyze and determine the useful life of the intangible assets upon acquisition. In case the intangible asset has a limited useful life, the Company shall estimate the useful life and amortize such intangible assets over the useful life in a systematic and reasonable manner. The amortization period of each intangible asset is listed in the following table:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:15.33%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.58%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:53.7%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:13.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Estimated useful life</b></p></td><td style="vertical-align:middle;width:17.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amortization method</b></p></td><td style="vertical-align:middle;width:53.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Basis</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Land</font></p></td><td style="vertical-align:middle;width:13.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">50 years</font></p></td><td style="vertical-align:middle;width:17.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Straight-line method</font></p></td><td style="vertical-align:middle;width:53.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The amortization period is determined as the term of use specified in the real property ownership certificate is 50 years.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Software</font></p></td><td style="vertical-align:middle;width:13.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">10 years</font></p></td><td style="vertical-align:middle;width:17.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Straight-line method</font></p></td><td style="vertical-align:middle;width:53.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">As the useful life is not specified in the contract, the amortization period is determined according to the period during which the intangible asset is expected to bring economic benefits.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.33%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Patents</font></p></td><td style="vertical-align:middle;width:13.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6 years</font></p></td><td style="vertical-align:middle;width:17.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Straight-line method</font></p></td><td style="vertical-align:middle;width:53.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">The amortization period is determined according to the period during which the intangible asset is expected to bring economic benefits.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">284</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The useful life of patents is determined according to the period during which it might bring economic benefits to the Company. The economic useful life of the patents owned by the Company at present is ten years, which was appraised by Armanino LLP, a US appraisal institution appointed by the Company. However, considering the lower cash inflow brought by such patents in six years and the uncertainty involved, the useful life of the patents is determined to be six years by the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the accounting treatment for amortization of the intangible assets of the Company complies with the Accounting Standard for Business Enterprises.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q15. R&amp;D Expenses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus, at the end of each year during the reporting period, the Issuer&#8217;s R&amp;D expenses amounted to RMB27,075,400, RMB26,826,400, RMB45,108,200 and RMB38,496,400, respectively, among which the amount of raw materials and finished goods consumed was RMB11,375,800, RMB12,136,000, RMB17,732,200 and RMB12,318,100 respectively.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the internal control system of R&amp;D expenses, and the rationality and accuracy of the allocation among R&amp;D expenses, operating costs and other period expenses; (2) the basis for assignment and management system of R&amp;D staff during the reporting period; (3) the specific accounting items for raw materials and finished products consumed, the final destination of the results or related materials and finished products developed, and the accounting treatment method therefor; (4) the analysis of the reasons for the differences between the R&amp;D expenses and the super deduction therefor under tax declaration.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to make verification and give express comments.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">285</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanation from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Internal control system of R&amp;D expenses, and rationality and accuracy of the allocation among R&amp;D expenses, operating costs and other period expenses;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Internal control system of R&amp;D expenses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Measures for the Administration of R&amp;D Projects, the Financial Management System &#8211; R&amp;D Expense Accounting System and other R&amp;D-related internal control regulations were formulated and implemented by the Company with a view to enhancing and refining the management of R&amp;D processes and R&amp;D expenses. The Company has set out the scope of accounting for R&amp;D expenses and regulated R&amp;D activities including project approval, project progress follow-up and project acceptance in accordance with applicable provisions of the Accounting Standard for Business Enterprises and the Guidelines for the Administration of the Recognition of High- and New-Technology Enterprises.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Finance Department of the Company has managed to ensure timely, accurate and complete recognition of various R&amp;D expenses by establishing a separate accounting system for R&amp;D expenses, setting up accounting items corresponding to R&amp;D activities to account for the R&amp;D expenses actually incurred, and establishing a ledger to recognize the expenses under R&amp;D projects.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Company carried out R&amp;D activities by relying on its relatively comprehensive internal controls for the accounting of various R&amp;D expenses, and sound implementation thereof, in strict accordance with its internal control system regarding R&amp;D.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Rationality and accuracy of the allocation among R&amp;D expenses, operating costs and other period expenses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Company set out the scope of accounting for R&amp;D expenses in accordance with applicable provisions of the Accounting Standard for Business Enterprises and the Financial Management System &#8211; R&amp;D Expense Accounting System, among others. Such R&amp;D expenses mainly consist of employee compensation, raw materials and finished goods consumed, depreciation and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">286</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">amortization, utility bills, share-based payments and other expenses directly related to R&amp;D activities. The specific scope of accounting is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:31.8pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Employee compensation: such labor costs as the salaries, bonuses, social insurance premiums and housing provident fund of the Company&#8217;s R&amp;D staff; the compensation of R&amp;D staff was classified as per R&amp;D projects;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:31.8pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Raw materials and finished goods consumed: the cost of raw materials and finished goods directly invested in R&amp;D activities due to R&amp;D demand;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:31.8pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Depreciation and amortization: The R&amp;D Department was provided with separate office space, and the depreciation of housings and buildings was apportioned based on the area of the office space; the depreciation of R&amp;D equipment related to R&amp;D activities was also included in R&amp;D expenses;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:31.8pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Utility bills: the cost of water and electricity used for R&amp;D activities;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:31.8pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(5) Share-based payment: the amount of share-based payment corresponding to the participation of R&amp;D staff in employee stock ownership platform, employee option incentive plan and controlling shareholder&#8217;s equity incentive plan.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition to the above-mentioned expenses, such costs of demonstration, evaluation, acceptance and assessment of R&amp;D results as well as the application fees, registration fees and agency fees for intellectual property rights and other expenses directly related to R&amp;D activities, such as travel expenses and office expenses incurred by R&amp;D staff for R&amp;D activities, are also covered in the calculation of R&amp;D expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">When the above-mentioned expenses were actually incurred, the Finance Department would determine whether to include the expenses so actually incurred in R&amp;D expenses based on the scope and criteria of R&amp;D expenses, and then credit the same into R&amp;D expenses after checking against supporting documents corresponding to the amount of such R&amp;D expenses. Those expenses that may be directly attributed to R&amp;D projects or a certain department would be directly recognized as an expense; those indirect expenses or those expenses that may not be directly attributed to a certain project would be apportioned according to the working hours and workload of the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">287</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">corresponding R&amp;D staff.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the Issuer&#8217;s R&amp;D expenses were clearly accounted for and there was no unreasonable or inaccurate allocation among R&amp;D expenses, operating costs and other period expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Basis for assignment and management system of R&amp;D staff during the reporting period;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Measures for the Administration of R&amp;D Projects and the Regulations on the Management of R&amp;D Staff have been formulated for the purpose of achieving effective management of R&amp;D staff, which cover, among other things, the rights and obligations of R&amp;D staff, the management of R&amp;D tasks of R&amp;D staff, the management of R&amp;D results of R&amp;D staff and the confidentiality obligations of R&amp;D staff.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">A dedicated R&amp;D Department was set up by the Company, and the R&amp;D staff were mainly responsible for the following (including without limitation): 1. the development of new technologies and new products to meet the market and customer demand for new products or new specifications; 2. continuous improvement and optimization of the existing process to improve the stability of the product processing process and production efficiency, reduce the costs and improve the production environment , etc.; 3. processing operation and process confirmation of R&amp;D products, quality data collection and processing of R&amp;D product processing process, and maintenance of R&amp;D product processing equipment; 4. the provision of back-end technical support for downstream customers. At the time of applying for the approval of a R&amp;D project, the participants of the R&amp;D project and the expected duration of the R&amp;D project would be specifically indicated, and such participants would be directly involved in the R&amp;D activities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The R&amp;D staff of the Company were assigned on a reasonable basis, and properly classified for the accounting purpose. The R&amp;D staff can be assigned accurately among various R&amp;D projects, and there was no false increase or improper classification of R&amp;D staff within the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Specific accounting items for raw materials and finished products consumed, final destination of the results or related materials and finished</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">288</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">products developed, and accounting treatment method therefor;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The amounts of raw materials and finished goods consumed by the Company for R&amp;D activities during the reporting period were as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:38.87%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.37%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.37%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.36%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.87%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:20.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.87%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Raw materials and finished goods consumed</font></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">2,894.58</font></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1,773.22</font></p></td><td style="vertical-align:middle;width:20.36%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1,213.60</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The raw materials consumed under the Company&#8217;s R&amp;D expenses mainly referred to raw materials for R&amp;D activities, including, among others, high-purity arsenic, high-purity gallium, InP polycrystal, boron trichloride and quartz materials, as well as chemical reagents, liquid nitrogen, materials for grinding, slicing and polishing and crucibles for long crystals. The specific accounting item of finished goods requisitioned during R&amp;D process was mainly the PBN crucibles received by Beijing Boyu, a subsidiary of the Company, for R&amp;D activities. The raw materials and finished goods consumed by the Company for R&amp;D projects mainly aimed at upgrading and improving the Company&#8217;s existing production processes, or developing new products and technologies, etc. The raw materials for R&amp;D activities and the finished products mainly ended up being consumed during R&amp;D activities, and then released to customers free of charge or sold in the form of R&amp;D samples, or taken as wastes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The R&amp;D samples sent to customers for free during the R&amp;D process are mainly samples of trial production in the R&amp;D process. The purpose of the free samples is to allow end-user customers to give feedback on the company by using the R&amp;D samples, which can help the company better achieve its R&amp;D goals. Since such R&amp;D samples do not meet the conditions for external sales and are trial production samples only, their purpose is to obtain production performance parameters of the samples, so that continuous optimization and improvement may be carried out subsequently. Therefore, the Company does not carry over such cost from the R&amp;D expenses, which, instead, is accrued to the R&amp;D expenses as incurred.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The value of the R&amp;D samples formed during the R&amp;D process that can be sold</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">289</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">to the public was accounted for based on the costs incurred during the R&amp;D period and carried forward to the inventory for accounting; when the samples were sold to the public, the corresponding cost was carried forward and the corresponding selling revenue was recorded. During the reporting period, the amount of the external sales revenues and carry-over cost of the R&amp;D samples is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">Unit: RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:38.87%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.37%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.37%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.36%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.87%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:20.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.87%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Sales revenues from R&amp;D samples</font></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">161.78</font></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">27.60</font></p></td><td style="vertical-align:middle;width:20.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">4.73</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.87%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Carry-over cost for the sales of R&amp;D samples</font></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">79.07</font></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">45.27</font></p></td><td style="vertical-align:middle;width:20.36%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">4.56</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) Analysis of the reasons for the differences between the R&amp;D expenses and the super deduction therefor under tax declaration;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the amount of R&amp;D expenses presented in the Company&#8217;s reporting statements referred to the various expenses incurred during R&amp;D process that were calculated and recognized as per R&amp;D projects based on the Company&#8217;s judgment over actual situation of R&amp;D projects and in accordance with the Accounting Standard for Business Enterprises and the Certain Opinions of the Ministry of Finance on Strengthening the Financial Management of R&amp;D Expenses by Enterprises (Cai Qi [2007] No. 194).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The R&amp;D expenses qualifying for super deduction under tax declaration were prepared in accordance with the Circular on Improving the Policy on Pre-tax Super Deduction of Research and Development Expenses (Cai Shui [2015] No. 119), the Announcement on Issues Relating to the Policy on the Pre-tax Super Deduction of the Research and Development Expenses of Enterprises (STA Announcement [2015] No. 97), the Announcement on Issues Relating to the Scope of Pre-tax Super Deduction of Research and Development Expenses (Announcement [2017] No. 40), the Announcement of the Ministry of Finance, the State Taxation Administration and the Ministry of Science and Technology on Increasing the Ratio of Pre-tax Super Deduction of Research and Development Expenses (Cai Shui [2018] No. 99) and other norms.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">There were some differences between R&amp;D expenses and super deductions thereof</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">290</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">due to inconsistent calibers, which were attributed to accounting and taxation nature respectively. The amounts of differences between R&amp;D expenses and super deductions thereof under tax declaration of the Company for 2019 and 2020 were shown as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">R&amp;D expenses presented in the reporting financial statements </font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">4,510.82</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">2,682.64</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">R&amp;D expenses for super deductions</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">4,154.98</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">2,413.14</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total difference</b></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">355.84</b></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">269.50</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">1. Super deductions not declared by certain subsidiaries</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">169.15</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">162.72</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">2. Effect of offsetting related party transactions in consolidated statements</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">71.67</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">16.21</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">3. Share-based payment without super deductions</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">38.33</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">31.09</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">4. Building depreciation</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">18.66</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">12.70</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.96%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">5. Others</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">58.03</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">46.78</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Super deductions not declared by certain subsidiaries</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2019 and 2020, due to negative pre-tax profit or loss to offset on the part of some subsidiaries, the Company did not declare super deductions for R&amp;D expenses incurred by them in the corresponding years for the sake of prudence.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Effect of offsetting related transactions in the consolidated financial statements</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company maintained upstream and downstream synergistic production relationship with its subsidiaries, and purchased or sold some raw materials internally, certain of which were applied to R&amp;D activities. Such related transactions were offset by the Company at the time of preparing the consolidated statements. R&amp;D expenses reflected in the consolidated statements were measured at the ultimate purchasing cost of relevant raw materials, while the single company included the actual purchasing price under internal transactions into R&amp;D expenses and applied for super deductions thereof, resulting in the differences between the R&amp;D expenses and the super deduction therefor under tax declaration.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Share-based payment without super deductions</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">No super deduction was declared by the Company for the amount of share-based</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">291</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">payment corresponding to the participation of R&amp;D staff in employee stock ownership platform, employee option incentive plan and controlling shareholder&#39;s equity incentive plan.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. Building depreciation adjustment</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In accordance with Item (1) of Article 1 of Cai Shui [2015] No. 119, the R&amp;D expenses allowed for super deductions shall include depreciation expenses of instrument and equipment used for R&amp;D activities. During the reporting period, the adjustment amounts of building depreciation for 2019 and 2020 were RMB127,000 and RMB186,600 respectively after excluding the depreciation expenses of housings, buildings, electronic equipment, etc. that were not the instrument and equipment used for R&amp;D activities as stipulated by tax laws.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. Others</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company has not subjected other expenses directly related to the Company&#8217;s R&amp;D activities, such as costs of spare parts for process improvement of R&amp;D projects, office expenses, travel expenses and other public expenses for R&amp;D projects, to super deductions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. Intermediaries&#8217; verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In response to the foregoing, the Sponsor and the Reporting Accountant have implemented the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Review the internal control documents of the Issuer concerning R&amp;D expenses, and assess the effectiveness of the implementation thereof;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Review various systems of the Issuer governing R&amp;D management, and have access to and examine the documents and information relating to major R&amp;D projects of the Issuer during the reporting period, such as project approval forms, project completion reports, patent certificates and R&amp;D project management practices;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Interview the person in charge of the R&amp;D Department and the person in charge of the Finance Department to have a knowledge of the requisition process of R&amp;D materials, the final destination of R&amp;D materials requisitioned and the disposal of R&amp;D</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">292</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">residuals, scraps and samples, and verify the compliance of the relevant accounting treatment with applicable provisions of the Accounting Standard for Business Enterprises;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. Check the itemized statement of R&amp;D expenses, randomly check the employees&#8217; payroll list and the bank slips thereof, have a knowledge of the composition and appointment or removal of R&amp;D staff, and learn about their average salary level and the issuance thereof;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. Obtain the details of raw materials and finished goods consumed, utility bills, share-based payment and other expenses under R&amp;D projects, randomly check the material requisition forms, application for expenses, approval letters, invoices and payment vouchers, and verify the authenticity of the expenses and the accuracy of the expense recognition;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">6. Obtain and double-check the depreciation and amortization computation lists of laboratory fixed assets machinery and equipment, office equipment and software intended for R&amp;D;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">7. Obtain the income tax computation and payment report of the Issuer for the reporting period, review the regulations on super deduction for R&amp;D expenses and the scope of R&amp;D expenses eligible for pre-tax super deduction, and make an alignment with R&amp;D expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon verification, the Sponsor and the Reporting Accountant believe that the internal control system of R&amp;D expenses of the Company is reasonably designed and effectively implemented during the reporting period, that the R&amp;D expenses of the Company are accurately recognized on an actual basis, and that the R&amp;D expenses are calculated, apportioned, and measured in an accurate manner.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q16. Internal Control</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, during the reporting period, the Issuer had problems such as endorsement of negotiable instruments without commercial</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">293</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">substance, change of negotiable instruments, borrowings/loans with the related parties, and amounts received through related parties, etc.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the reason and rationality of amounts received through related parties, and whether there was financial disintermediation for the amount incurred during and after the reporting period, etc.; (2) the specific use and repayment of large value borrowings and loans during the reporting period, whether the agreed interest rate was in line with the market level, the reason for borrowing funds from AXT without bearing interest, and whether any costs and expenses were advanced by related parties.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to, in combination with the relevant requirements of the Questions and Answers on the Review of the Offering and Listing of Stocks on the STAR Market of the Shanghai Stock Exchange, explain the verification procedure, evidence and conclusion for the rectification and standardization of the Issuer&#8217;s internal financial control and whether there was similar or other non-standardization circumstances after the deadline for initial audit filing.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Reason and rationality of amounts received through related parties, and whether there was financial disintermediation for the amount incurred during and after the reporting period, etc.;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2019 and 2020, the Company had no amount received through related parties.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In March 2021, AXT-Tongmei, a subsidiary of the Company, undertook the overseas sales business and relevant customers from AXT. During the business handover, there were cases where both AXT-Tongmei and AXT had amounts receivable from the same customer. Due to factors such as the payment system of overseas customers, such customers may make payment only to a single entity. As a result, there were cases where AXT received amounts on behalf of the Company. In 2021, AXT</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">294</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">received RMB10,248,300 on behalf of AXT-Tongmei, which accounted for a small proportion in the current operating income and was commercially reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After AXT received the payment for the Company, it timely transferred the payment to AXT-Tongmei. AXT did not occupy the Company&#8217;s funds, and there was no financial disintermediation. There have been no such cases since October 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Specific use and repayment of large value borrowings and loans during the reporting period, whether the agreed interest rate was in line with the market level, the reason for borrowing funds from AXT without bearing interest, and whether any costs and expenses were advanced by related parties;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The borrowings and loans between the Company and its related parties during the reporting period are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Related party</b></p></td><td style="vertical-align:middle;width:15.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:36.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Start date</b></p></td><td style="vertical-align:middle;width:28.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Due date</b></p></td></tr><tr style="height:19.85pt;"><td colspan="4" style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Loans</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Maanshan Gallium</font></p></td><td style="vertical-align:middle;width:15.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">500</font></p></td><td style="vertical-align:middle;width:36.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">July 1, 2017</font></p></td><td style="vertical-align:middle;width:28.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">June 30, 2023</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:18.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">HE Junfang</font></p></td><td style="vertical-align:middle;width:15.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">200</font></p></td><td style="vertical-align:middle;width:36.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">December 1, 2017</font></p></td><td style="vertical-align:middle;width:28.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 30, 2020</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:15.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">100</font></p></td><td style="vertical-align:middle;width:36.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 31, 2019</font></p></td><td style="vertical-align:middle;width:28.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">December 31, 2024</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:15.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">100</font></p></td><td style="vertical-align:middle;width:36.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">March 1, 2020</font></p></td><td style="vertical-align:middle;width:28.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">December 31, 2024</font></p></td></tr><tr style="height:22.1pt;"><td colspan="4" style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Borrowings</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.76%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">AXT</b></p></td><td style="vertical-align:middle;width:15.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">938.65</b></p></td><td style="vertical-align:middle;width:36.65%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">March, April and May 2021</b></p></td><td style="vertical-align:middle;width:28.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Loans to Maanshan Gallium</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company lent RMB5,000,000 to Maanshan Gallium in 2017 at an annual interest rate of 4.90%, with the term from July 1, 2017 to June 30, 2023. The repayment agreement is as follows: 20% shall be repaid prior to the end of 2021 in the 1</font><sup style="font-size:9pt;vertical-align:top;">st</sup><font style="font-size:12pt;"> instalment, 40% shall be repaid prior to the end of 2022 in the 2</font><sup style="font-size:9pt;vertical-align:top;">nd</sup><font style="font-size:12pt;"> instalment and the remainder shall be repaid at the due date in the 3</font><sup style="font-size:9pt;vertical-align:top;">rd</sup><font style="font-size:12pt;"> instalment, all of which can be repaid in advance.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Maanshan Gallium repaid the loans amounting to RMB3,000,000, RMB17,100</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">295</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">and RMB1,982,900, respectively, in 2018, 2019 and 2021. The loans have been recovered in full. During the reporting period, the Company received from Maanshan Gallium the interest income amounting to RMB92,900, RMB93,200 and RMB46,100, respectively, in accordance with the loan agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the loan agreement between the Company and Maanshan Jinmei, the loans were mainly used for organization costs related to the establishment of Maanshan Jinmei. The interest was accrued according to the benchmark interest rate of the People&#8217;s Bank of China for the same period, and the agreed interest rate was in line with the market level.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Loans to HE Junfang</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">He Junfang is the general manager of Beijing Boyu, a subsidiary of the issuer, who is responsible for the daily operation of Beijing Boyu and holds 4.85% of the shares of the Company in total through Zhongke Hengye and Beijing Bomei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In December 2017, Beijing Boyu and HE Junfang signed the loan contract, under which Beijing Boyu lent RMB2,000,000 to HE Junfang at the interest rate of 2.75%, with the term from December 1, 2017 to November 30, 2020; in January 2019, Beijing Boyu and HE Junfang signed the loan contract, under which Beijing Boyu lent RMB1,000,000 to HE Junfang at the interest rate of 2.75%, with the term from January 31, 2019 to December 31, 2024; in March 2020, Beijing Boyu and HE Junfang signed the loan contract, under which Beijing Boyu lent RMB1,000,000 to HE Junfang at the interest rate of 2.75%, and the interest rate was determined according to that of fixed deposits for the same period. HE Junfang provided the guarantee for the loans above by pledging 66.67% of shares held by him in Beijing Bomeilian.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Three loans above total RMB4,000,000, which were recovered in full in December 2020. The Company determined that the interest income payable by HE Junfang was RMB72,600 and RMB102,600, respectively, in 2019 and 2020 in accordance with the loan contracts, and collected such interest income in full in December 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The loans mentioned above were mainly used for HE Junfang&#8217;s personal purpose, including household expenses, decoration, tuition, loans between siblings, etc. The interest rate was determined according to that of fixed deposits for the same period, and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">296</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">the agreed interest rate was in line with the market level.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. Borrowings by AXT-Tongmei from AXT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT-Tongmei borrowed the funds from AXT in March 2021 for its initial operation, and borrowed RMB9,386,500 in aggregate from March to May 2021. The loan contract signed by and between AXT-Tongmei and AXT provides that no interest will accrue and no guarantee or pledge will be provided.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT-Tongmei was established in December 2020. When AXT-Tongmei was established, AXT held 100% of its equity interest. On May 6, 2021, the 2</font><sup style="font-size:9pt;vertical-align:top;">nd</sup><font style="font-size:12pt;"> session of the first board of directors passed a resolution that Beijing Tongmei would acquire 100% equity interest in AXT-Tongmei from AXT in cash. On the same day, Beijing Tongmei and AXT entered into the Share Transfer Agreement, pursuant to which Beijing Tongmei would purchase all the shares of AXT-Tongmei from AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Given borrowings by AXT-Tongmei from AXT were originally made within the AXT system, and to speed up the business operation of AXT-Tongmei and consummate the business handover, no interest payment was agreed. The Company acquired 100% equity interest in AXT-Tongmei from AXT to include AXT-Tongmei in the consolidated statements. As a result, as of June 30, 2021, the Company had a balance of funds to AXT within the scope of the Company&#8217;s consolidated statements, continuing the borrowings. As of the date of this Reply, the above borrowings have been repaid.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In summary, during the reporting period, no related party bore costs and expenses for the Company or transferred any illegal interest.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The Sponsor and the Reporting Accountant are required to, in combination with the relevant requirements of the Questions and Answers on the Review of the Offering and Listing of Stocks on the STAR Market of the Shanghai Stock Exchange, explain the verification procedure, evidence and conclusion for the rectification and standardization of the Issuer&#8217;s internal financial control and whether there was similar or other non-standardization circumstances after the deadline for initial audit filing.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Rectification and standardization of the Company&#8217;s internal financial</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">297</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">control</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the period, the non-standardization circumstances in connection with the Company&#8217;s internal financial control were as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Change of negotiable instruments</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the period, the change of negotiable instruments between the Company and customers in details is shown in the table below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:58.22%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Nature</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:23.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Change of negotiable</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">instruments</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Change to customers</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">through negotiable instruments</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">153.88</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">50.00</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:23.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Change to customers</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">through bank transfer</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5.11</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:58.22%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">-</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">158.99</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">50.00</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">&#8220;Change to customers through negotiable instruments&#8221; means that the Issuer refunds change to customers by using negotiable instruments or by transfer when the face value of negotiable instruments actually paid by customers is more than the price for goods being collected by the Issuer and to be actually paid by the customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the change of the Company&#8217;s negotiable instruments amounted to RMB500,000, RMB1,589,900 and nil, respectively, which were relatively small. There was no dispute or claim between the Issuer and customers with regard to change of negotiable instruments, and the aforesaid negotiable instruments did not have a material adverse impact on the Issuer&#8217;s normal production and business.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For change of negotiable instruments during the reporting period, the Company further established and improved internal control systems for administration of negotiable instruments, sales and collection, and purchase and payment. Since January 2021, the Company has no change of negotiable instruments, and the relevant systems have been effectively implemented.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Endorsement of negotiable instruments without commercial substance within the scope of consolidation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">298</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the detailed endorsement of negotiable instruments without commercial substance of the Issuer and its subsidiaries is shown in the table below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Endorser</b></p></td><td style="vertical-align:middle;width:21.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Endorsee</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Baoding Tongmei</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">388.18</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">1,536.21</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Chaoyang Tongmei</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">440.11</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:40.49%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">440.11</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">388.18</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,536.21</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Issuer&#8217;s parent company endorsed the negotiable instruments received from customers to Baoding Tongmei and Chaoyang Tongmei for payment to suppliers, with the amounts involved being RMB15,362,100, RMB3,881,800 and RMB4,401,100. The aforesaid endorsement of bank acceptance bills was not based on business backgrounds.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Regarding the endorsement of negotiable instruments without commercial substance with related parties during the reporting period, the Company further established and improved internal control systems for administration of negotiable instruments, sales and collection, and purchase and payment. Since February 2021, the Company has no endorsement of negotiable instruments without commercial substance with related parties, and the relevant systems have been effectively implemented.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. Borrowings/loans between the Issuer and the related parties</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the offer of loans by the Issuer to its related parties Maanshan Gallium and HE Junfang and the borrowings by the Issuer from AXT during the reporting period, refer to Q16 &#8220;I. Explanations from the Issuer&#8221; hereof. Maanshan Gallium and HE Junfang had repaid the loans, the loan use was reasonable, the agreed interest rate was in line with the market level, and there have been no such cases later. Considering borrowings by AXT-Tongmei from AXT were originally in the AXT system, and to speed up the business operation of AXT-Tongmei and consummate the business handover, no interest payment was agreed. The Company acquired 100% equity interest in AXT-Tongmei from AXT to include AXT-Tongmei in the consolidated statements. As a result,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">299</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">as of June 30, 2021, the Company had a balance of funds to AXT within the scope of the Company&#8217;s consolidated statements, continuing the borrowings, which was reasonable, and there were no further new borrowings from AXT. As of the date of this Reply, the above borrowings have been repaid.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Regarding the borrowings/loans between related parties and the Issuer, the Company has further established and improved such systems and rules as the AOA, the Rules of Procedure for the General Meeting of Shareholders, the Rules of Procedure for the Board of Directors, the Work System for Independent Directors and the Decision-making System of Related Party Transactions, which specifically provide for decision-making authority, procedures and information disclosure of related party transactions, among others, and has established a relatively sound decision-making mechanism and supervision system.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">4. Amounts received through related parties</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In March 2021, AXT-Tongmei, a subsidiary of the Company, undertook the overseas sales business and relevant customers from AXT. During the business handover, there were cases where both AXT-Tongmei and AXT had amounts receivable from the same customer. Due to factors such as the payment system of overseas customers, such customers may make payment only to a single entity. As a result, there were cases where AXT received amounts on behalf of the Company. In 2021, AXT received RMB10,248,300 on behalf of AXT-Tongmei, which accounted for a small proportion in the current operating income and was commercially reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After AXT received the payment for the Company, it timely transferred the payment to AXT-Tongmei. AXT did not occupy the Company&#8217;s funds, and there was no financial disintermediation. There have been no such cases since October 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Intermediaries&#8217; verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Sponsor and the Reporting Accountant have mainly carried out the following verification procedures with respect to the aforesaid issues:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Review the relevant requirements of the </font><font style="font-size:12pt;">Questions and Answers on the Review of the Offering and Listing of Stocks on the STAR Market of the Shanghai Stock</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">300</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Exchange;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Review the Company&#8217;s bank loan contracts and the fund vouchers of bank loans;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Review the Company&#8217;s bills records to understand the endorsement of negotiable instruments;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Review the subsidiary accounts of other payables, other receivables, long-term receivables, long-term payables and other items of the Company to understand the direct borrowings and loans between the Company and related parties or third parties, and referred to relevant contracts and fund vouchers, etc.;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(5) Review the subsidiary accounts between AXT-Tongmei and AXT to understand the amounts received through related parties and the transfer of the payment after receipt;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(6) Review the Company&#8217;s AOA, the Rules of Procedure for the General Meeting of Shareholders, the Rules of Procedure for the Board of Directors, the Work System for Independent Directors, the Decision-making System of Related Party Transactions, and the Financial Management System to understand the implementation of the Company&#8217;s systems;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(7) Interview the Chief Financial Officer of the Company to understand the rectification and standardization of internal financial control and whether there was similar or other non-standardization circumstances after the deadline for initial audit filing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon verification, the Sponsor and the Reporting Accountant believe that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) The Company had such cases as change of negotiable instruments, endorsement of negotiable instruments without commercial substance within the scope of consolidation, borrowings/loans with related parties, and receipt of payment for cargoes through related parties during the reporting period, but has made rectification without such cases later. The receipt by the Company of amounts through the related party AXT was due to factors such as the payment system of overseas customers, which is commercially reasonable. After AXT received the payment for the Company, it</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">301</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">timely transferred the same to AXT-Tongmei. AXT did not occupy the Company&#8217;s funds and there was no financial disintermediation. Both the amount and revenue proportion were small, without influence on the effectiveness of the Company&#8217;s internal financial control operation. There have been no such cases since October 2021;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) For the above non-standardization, the Company has established targeted internal control system and effectively implemented it by correcting improper behavior, improving system and strengthening internal control;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) The defects and rectifications in the internal controls of the Company during the reporting period are disclosed in &#8220;IV. (I) Defects and rectifications in the internal controls of the Company during the reporting period&#8221; of &#8220;Section VII Corporate Governance and Independence&#8221; in the Prospectus.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) There is no follow-up impact of the aforementioned non-standardization and no major risk or hidden danger.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(5) The Company&#8217;s internal financial control can continue to meet the normative requirements after the deadline of submitting the submissions for audit, and there is no case affecting the offering conditions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q17. Share-based Payment</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, 1) in 2015, AXT, the controlling shareholder of the Company, granted employees of the Company AXT&#8217;s stock options and restricted stocks, and d</b><b style="font-size:12pt;font-weight:bold;">uring the reporting period, the Company confirmed that the corresponding amount of share-based payment is RMB1,710,900, RMB2,304,100, RMB2,783,700 and RMB3,320,100 respectively; 2) in 2020, the Issuer set up an employee stock ownership platform, and from January to June 2021, the Company confirmed that the share-based payment is RMB1,511,300; 3) in 2021, the Company granted employees of option incentives, and there was no relevant accounting treatment resulting from the share-based payment; 4) in December 2020, AXT, Jinchao Business Management, Beijing Bomeilian, Zhongke Hengye, Beijing Liaoyan, Beijing Dingmei, Boyu Yingchuang and Boyu</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">302</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Hengye contributed to the Company&#8217;s capital increase at the price of RMB1.32 per share, and the Company&#8217;s executives GUO Tao, HAO Ze and WANG Yuxin respectively held the property shares of Jinchao Business Management and Beijing Liaoyan.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the specific content and implementation of equity incentive and related arrangements that have been formulated or implemented, measurement method of fair value, determination basis of vesting period, calculation process of share-based payment, and whether the relevant accounting treatment conforms to the provisions of the Accounting Standards for Business Enterprises;</b><b style="font-size:12pt;font-weight:bold;"> (2) accounting treatment by the controlling shareholder and the Issuer of the stock options and restricted stocks granted by AXT, the controlling shareholder, to employees of the </b><b style="font-size:12pt;font-weight:bold;">Issuer, whether any incentivized employee held a position in the controlling shareholder or its subsidiary and the Issuer concurrently, and if yes, how to amortize the share-based payment; (3) positions of shareholders having </b><b style="font-size:12pt;font-weight:bold;">contributed to the capital increase in the Company in December 2020, whether it constitutes share-based payment and the basis; (4) basis and accuracy of amortization of share-based payment among costs and expenses.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to verify and give opinions.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Specific content and implementation of equity incentive and related arrangements that have been formulated or implemented, measurement method of fair value, determination basis of vesting period, calculation process of share-based payment, and whether the relevant accounting treatment conforms to the provisions of the Accounting Standards for Business Enterprises;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Employee stock ownership platforms</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">303</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Specific content and implementation</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On December 25, 2020, the Company granted equity interest to a total of 54 employees through four employee stock ownership platforms: Beijing Dingmei, Beijing Liaoyan, Boyu Yingchuang and Boyu Hengye. The employee stock ownership platforms become shareholders of the Company through capital increase;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In January 2022, MENG Fanwei, an incentive grantee of Boyu Yingchuang, and XI Jianhui, an incentive grantee of Boyu Hengye, resigned, and their shares (MENG Fanwei&#8217;s contribution to Boyu Yingchuang is RMB90,000, accounting for 31.0345%; XI Jianhui&#8217;s contribution to Boyu Hengye is RMB90,000, accounting for 10.7143%) were transferred to the employees WANG Xin and WANG Junyong respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Measurement method of fair value</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As to the fair value regarding the employee stock ownership platform, taking the capital increase price for external investors introduced in January 2021 as a reference, the Company employed Shanghai PG Advisory Co., Ltd. for appraisal who has issued the consulting report P2021-1241, according to which the fair value per registered capital share was evaluated as RMB4.08. The specific calculation process is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In accordance with the Capital Increase Agreement and Supplementary Agreement executed by Beijing Tongmei and another 13 organizations including Haitong New Driving Force on November 13, 2020: 1) The capital increase price is RMB5.03 per share; 2) if Beijing Tongmei is not listed on the exchange by December 31, 2022, AXT needs to repurchase shares at the request of the share subscriber, and the repurchase commitment can be deemed as a put option. Shanghai PG Advisory Co., Ltd. has evaluated the option based on the Black-Scholes model, with the following main parameters:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Exercise probability, i.e., the probability that the issuer fails to go public on December 31, 2022: 50%;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Exercise price: RMB5.03 per share;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) Option validity period: From November 13, 2020 to December 31, 2022;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4) Risk-free interest rate: Based on the yield rate of the bonds on the benchmark date of assessment on the maturity date of Chinese government bonds. In the event that</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">304</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">the exit event occurs less than one year ago, the yield rate with the same maturity period will be calculated by applying the interpolation method to Chinese government bonds;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5) Volatility: Based on the average value of historical stock price volatility of comparable companies with the same maturity period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">By substituting the foregoing parameters into the Black-Scholes model, it is estimated that the fair value of the put option is RMB0.95 per share, and then the fair value per unit of registered capital = 5.03-0.95 = RMB4.08 per share.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Determination basis of vesting period</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Article 18 of t</font><font style="font-size:12pt;">he Measures for Administration of </font><font style="font-size:12pt;">Employee Stock Ownership of Beijing Tongmei Xtal Technology Limited, &#8220;The service period is 36 months from the date when an employee acquires the equity interest/property share of the employee stock ownership platform&#8221;. The share-based payment confirmed by the employee stock ownership platform established by the Company will be amortized over 3 years.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Calculation process of share-based payment</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The calculation process of share-based payment of the employee stock ownership platforms in 2021 is as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:42.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:32.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Formula</b></p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Executives</b></p></td><td style="vertical-align:middle;width:12.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Employees</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Total shares (10,000 shares)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A</font></p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">25.79</font></p></td><td style="vertical-align:middle;width:12.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">302.59</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Fair value per share (RMB /share)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">B</font></p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4.08</font></p></td><td style="vertical-align:middle;width:12.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4.08</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Cash consideration per share (RMB /share)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">C</font></p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.32</font></p></td><td style="vertical-align:middle;width:12.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.32</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Estimated e</font><font style="font-size:10.5pt;">mployee turnover rate</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">D</font></p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">0.00%</font></p></td><td style="vertical-align:middle;width:12.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Vesting period (year)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">E</font></p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:12.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Period from grant date to December 31, 2021 (year)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">F</font></p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:12.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">First instalment confirmed (RMB0&#8217;000)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">G=A*(B-C)*(1-D)*(F/E)</font></p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">23.74</font></p></td><td style="vertical-align:middle;width:12.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">253.46</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Estimated shares invalid due to turnover (10,000 shares)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">H</font></p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.08%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">13.65</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">305</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:42.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:32.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Estimated share-based payment back after turnover (RMB0&#8217;000)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">I=H*G/A</font></p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11.44</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Share-based payment confirmed in 2021 (RMB0&#8217;000)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">J=G-I</font></p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">23.74</font></p></td><td style="vertical-align:middle;width:12.08%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">242.02</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Option incentive</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Specific content and implementation</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In November 2021, the Company granted 7,302,036 stock options to a total of 171 employees, including the Company&#8217;s directors and executives, as well as the Company&#8217;s core management, core technical personnel and core business personnel, but excluding independent directors and supervisors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Vesting period and exercise arrangement: according to relevant provisions of the 2021 Stock Option Incentive Plan of Beijing Tongmei Xtal Technology Co., Ltd.,</font><font style="font-size:12pt;"> the vesting period is 36 months commencing from the date of granting stock options. During the vesting period, the stock options granted to the incentive grantees under this Plan shall not be exercised. The stock options will be exercised in two batches upon expiry of 36 months after such options are granted. The percentage of options available for exercise with respect to each batch is 1/2 and 1/2 of the total amount of stock options granted. The stock options granted to the incentive grantees shall not be exercised before the Company&#8217;s successful offering and listing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Exercise price: according to the 2021 Stock Option Incentive Plan of Beijing Tongmei Xtal Technology Co., Ltd.,</font><font style="font-size:12pt;"> the exercise price of the Incentive Plan is determined based on the transaction price of the most recent capital increase made by investors in Beijing Tongmei, and the exercise price is RMB5.03 per share.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Lock-up period and arrangement: </font><font style="font-size:12pt;">incentive grantees shall not reduce their holdings within 3 years from the date on which the stocks are acquired from the exercise of the options after the Company is listed; after the expiration of the lock-up period, incentive grantees shall comply with the provisions with respect to the reduction of holdings by the Company&#8217;s directors, supervisors and executives on a </font><i style="font-size:12pt;font-style:italic;">mutatis mutandis </i><font style="font-size:12pt;">basis, and shall abide by the then applicable laws, regulations, regulatory documents</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">306</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">and the rules of the stock exchange where the Issuer is listed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Up to now, incentive grantees MENG Fanwei (56,360 options granted) and LIU Lin (14,844 options granted) have left the Company; LIN Bin (21,560 options granted) and Dianna Huang (16,842 options granted) have voluntarily given up their options.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Measurement method of fair value</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the fair value of equity interest under the option incentive plan, Shanghai PG Advisory Co., Ltd. employed by the Company appraised the fair value of the stock options granted on the grant date by adopting the binomial tree model and combining with the terms and conditions of stock option grant, and issued the consulting report P2021-1241.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Determination basis of vesting period</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Article 3 and Article 4, Chapter IV of the 2021 Stock Option Incentive Plan of Beijing Tongmei Xtal Technology Co., Ltd., &#8220;</font><font style="font-size:12pt;">The vesting period is 36 months commencing from the date of granting stock options. During the vesting period, the stock options granted to the incentive grantees under this Plan shall not be exercised&#8221;; &#8220;The stock options will be exercised in two batches upon expiry of 36 months after such options are granted. The percentage of options available for exercise with respect to each batch is 1/2 and 1/2 of the total amount of stock options granted. Within the date on which applicable options are exercisable, subject to the fulfillment of the exercise conditions as stipulated in this Plan, an incentive grantee may exercise his/her granted stock options in two batches in accordance with the following table. The period available for the exercise of options is 12 months, and the starting date of the next exercise period shall not be earlier than the expiration date of the preceding exercise period, and should the exercise conditions of each batch of stock options have not been fulfilled, then the relevant rights and interests shall not be deferred to the next period&#8221;. Therefore, the options granted by the Company are exercised in two batches, and the vesting period varies with the exercise date. The vesting period of the two batches of options is confirmed to be 3 years and 4 years respectively, and the relevant share-based payment is amortized separately.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Calculation process of share-based payment</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">307</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2021, the share-based payment for options of the Company is calculated as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:37.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td rowspan="2" style="vertical-align:middle;width:13.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Formula</b></p></td><td colspan="2" style="vertical-align:middle;width:24.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">First Batch</b></p></td><td colspan="2" style="vertical-align:middle;width:24.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Second Batch</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:37.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:13.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Executives</b></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Employees</b></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Executives</b></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Employees</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Total shares (10,000 shares)</font></p></td><td style="vertical-align:middle;width:13.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">43.70</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">321.40</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">43.70</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">321.40</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Fair value per option (RMB /option)</font></p></td><td style="vertical-align:middle;width:13.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">B</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.39</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.37</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.53</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.51</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Estimated e</font><font style="font-size:10.5pt;">mployee turnover rate</font></p></td><td style="vertical-align:middle;width:13.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">C</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">0.00%</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9.00%</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">0.00%</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Vesting</font><font style="font-size:10.5pt;"> period (month)</font></p></td><td style="vertical-align:middle;width:13.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">D</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">36</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">36</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">48</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">48</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Period from grant date to December 31, 2021 (month)</font></p></td><td style="vertical-align:middle;width:13.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">E</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">First instalment recognized (RMB0&#8217;000)</font></p></td><td style="vertical-align:middle;width:13.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">G=A*B* (1-C) *(E/D)</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3.37</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">22.26</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2.79</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">18.40</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Estimated shares invalid due to turnover (10,000 shares)</font></p></td><td style="vertical-align:middle;width:13.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">H</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5.48</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5.48</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Estimated share-based payment back after turnover (RMB0&#8217;000)</font></p></td><td style="vertical-align:middle;width:13.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">I=H*G/A</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3.38</font></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">0.31</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.54%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Share-based payment recognized in 2021 (RMB0&#8217;000)</b></p></td><td style="vertical-align:middle;width:13.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">J=G-I</b></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">3.37</b></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">21.88</b></p></td><td style="vertical-align:middle;width:12.23%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2.79</b></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">18.09</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3</b><b style="font-size:12pt;font-weight:bold;">. Whether the relevant accounting treatment conforms to the provisions of the Accounting Standards for Business Enterprises</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Article 6, Chapter II of the </font><font style="font-size:12pt;">Accounting Standards for Business Enterprises No. 11 - Share-based Payments: </font><font style="font-size:12pt;">if such equity-settled share-based payment in exchange for services received from employees could not be exercised until the completion of services for a vesting period, or until the achievement of a specified performance condition, at each balance sheet date during the vesting period, the services received for the current period shall be recognized as related costs or expenses and capital reserve, at an amount equal to the fair value of the equity instruments at the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">308</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">grant date, based on the best estimate of the number of equity instruments expected to exercise. If, on the balance sheet date, subsequent information indicates that the number of equity instruments expected to exercise is different from that previously estimated, an adjustment shall be made to make it the number of equity instruments actually expected to exercise on the vesting date.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Since the stock options cannot be exercised on the grant date, there is no need for relevant accounting treatment as of that date. At each balance sheet date during the vesting period, the Company evaluated each batch of options separately, and recognized </font><font style="font-size:12pt;">the services received for the current period as related costs or expenses and other capital reserves, at an amount equal to the fair value of the stock options at the grant date, based on the best estimate of the number of exercisable stock options. </font><font style="font-size:12pt;">The above treatment principles are applicable to the employee stock ownership platform and the option incentive.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the accounting treatment of the employees of the employee stock ownership platforms or the incentive grantees of options withdrawing from the employee stock ownership platforms and leaving during the reporting period, due to the vesting period stipulated for the Company&#8217;s grant, the originally confirmed share-based payment related to the employees who have withdrawn from the employee stock ownership platforms or left shall be charged back to offset the share-based payment for the current period when they withdrew from the employee stock ownership platforms or left.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In view of the above, the accounting treatment for the employee stock ownership platform and the stock options by the I</font><font style="font-size:12pt;">ssuer conforms to the provisions of the Accounting Standards for Business Enterprises No. 11 - Share-based Payments</font><font style="font-size:12pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Accounting treatment by the controlling shareholder and the Issuer of the stock options and restricted stocks granted by AXT, the controlling shareholder, to employees of the Issuer, whether any incentivized employee held a position in the controlling shareholder or its subsidiary and the Issuer concurrently, and if yes, how to amortize the share-based payment;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1</b><b style="font-size:12pt;font-weight:bold;">. Accounting treatment by the controlling shareholder of the stock options and restricted stocks granted</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">309</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Relevant rules in US GAAP</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT, the controlling shareholder, is a NASDAQ-listed company in the United States and is governed by US GAAP.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On the grant date, in accordance with provisions under FASB ASC 718-10-30-3, relevant transactions with share-based payment shall be measured at the fair value. The value of goods or services exchanged with share-based payment instruments shall be determined based on the fair value of the equity instruments granted on the grant date. Therefore, AXT adopts the Black-Scholes model to estimate the fair value of the stock options on each grant date. The fair value of the restricted stock on the grant date is determined by its closing price on the same day.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In subsequent amortization, the number and amortization period of the equity instruments that are finally exercisable is stipulated by US GAAP stipulates as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Number of equity instruments to be amortized</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">It is stipulated under FASB ASC 718-10-35-3 that in order to determine the share-based payment that should be recognized in each financial reporting period, the accounting subject may choose to estimate the number of equity instruments that are finally exercisable or recognize their effect only when they become invalid. AXT chooses the former, by which means the estimated number of equity instruments that are actually exercisable in the end is adjusted based on subsequent information on each balance sheet date. In accordance with the stock options and restricted stock terms granted by AXT to employees of the Issuer, as AXT has granted a waiting period, in the event of employment separation of any employee during the waiting period, on each balance sheet date, AXT will adopt the historical separation rate and other reference factors, to re-estimate the number of equity instruments that are finally exercisable, and amortize the fair value of the equity instruments that are finally exercisable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Amortization period</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">It is stipulated under FASB ASC 718-10-35-8 that when the equity instruments granted have and only have the condition for the service period of vesting in batches, the entity may choose to make share-based payment based on the service period of each batch of vested equity instruments. The expenses can also be amortized based on the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">310</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">longest service period of a batch. The equity instruments issued by AXT only have the service period condition. Therefore, AXT chooses to amortize the share-based payment based on the longest waiting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Calculation process of the share-based payment for stock options and restricted stocks</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, with regard to the stock options and restricted stocks granted by AXT, the controlling shareholder, to employees of the Issuer, AXT recognized share-based payments of RMB2.3041 million, RMB2.7837 million and RMB6.9109 million respectively. The specific calculation process is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Stock options</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT granted the stock options to employees of the Issuer in November 2015, January 2016 and October 2016 respectively. The amortization and calculation processes of its share-based payment expenses in 2019 and 2020 are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:10.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Grant status</p></td><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0pt 3.6pt;">Grant date</p></td><td style="vertical-align:middle;width:18.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">November 2, 2015</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">January 4, 2016</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">October 28, 2016</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Number (0&#8217;000 shares)</p></td><td style="vertical-align:middle;width:18.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">A</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">8.20</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">0.80</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">10.70</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Fair value on the grant date (USD/share)</p></td><td style="vertical-align:middle;width:18.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">B</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">0.90</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">1.01</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">1.95</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Total number of days of amortization</p></td><td style="vertical-align:middle;width:18.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">C</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">1,461</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">1,461</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">1,461</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:10.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2019</p></td><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Number of days of amortization in 2019</p></td><td style="vertical-align:middle;width:18.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">D</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">306</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">365</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">365</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Amount of reversal of share-based payment due to employment separation in 2019 (USD0&#8217;000)</p></td><td style="vertical-align:middle;width:18.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">E</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">0.19</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><b style="font-weight:bold;">Amount of amortization in 2019 (USD0&#8217;000)</b></p></td><td style="vertical-align:middle;width:18.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">F=A*B*(D/C)-E</b></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">1.54</b></p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">0.20</b></p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">5.02</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:10.58%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Number of days of amortization in 2020</p></td><td style="vertical-align:middle;width:18.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">G</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">302</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.58%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:35.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Amount of reversal of share-based payment due to employment separation in 2020 (USD0&#8217;000)</p></td><td style="vertical-align:middle;width:18.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">H</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">0.15</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.58%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:35.23%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><b style="font-weight:bold;">Amount of amortization in 2020 (USD0&#8217;000)</b></p></td><td style="vertical-align:middle;width:18.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">I==A*B*(G/C)-H</b></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">0.002</b></p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">4.16</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Note: As of December 31, 2020, the stock option expenses have been fully amortized.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Restricted stock</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT has granted restricted shares to employees of the Issuer in batches since 2017. The</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">311</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">amortization and calculation processes of its share-based payment expenses during the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> 2019 and 2020</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Grant status</p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Grant year</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2017</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2018</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2019</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2020</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Number (0&#8217;000 shares)</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">A</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">6.60</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">7.77</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">7.94</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">17.29</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Fair value on the grant date (USD/share)</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">B</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">9.50</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">5.89</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">3.04-3.06</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">4.76-10.24</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Total number of days of amortization</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">C</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">1,461</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">1,461</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">1,461</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">1,341-1,461</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">2019</p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Number of days of amortization in 2019</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">D</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">365</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">365</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">41-55</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Amount of reversal of share-based payment due to employment separation in 2019 (USD0&#8217;000)</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">E</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">1.07</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">0.27</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><b style="font-weight:bold;">Amount of amortization in 2019 (USD0&#8217;000)</b></p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">F=A*B*(D/C)-E</b></p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">14.59</b></p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">11.16</b></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">0.91</b></p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:10.16%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Number of days of amortization in 2020</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">G</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">366</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">366</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">366</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">14-163</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Amount of reversal of share-based payment due to employment separation in 2020 (USD0&#8217;000)</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">H</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">1.07</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">0.30</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">0.06</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.16%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><b style="font-weight:bold;">Amount of amortization in 2020 (USD0&#8217;000)</b></p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">I==A*B*(G/C)-H</b></p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">14.63</b></p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">11.16</b></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">6.02</b></p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">4.38</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> 2021</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From March 2021, relevant personnel of AXT were transferred to AXT-Tongmei along with the business, and the expenses for the restricted stocks granted to them were also assumed by the Issuer. The scope of restricted stocks assumed by the issuer has been significantly expanded. For the convenience of presentation, amortization for 2021 is presented separately. Meanwhile, since there are a lot of batches of restricted stocks granted, to avoid lengthy presentation, multiple batches of restricted stocks granted in the same year are consolidated in the form of ranges. Details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:33.37%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.91%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:8.41%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.91%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.91%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.87%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Grant year</p></td><td style="vertical-align:middle;width:14.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2017</p></td><td style="vertical-align:middle;width:8.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2018</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2019</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:10.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2021</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Number (0&#8217;000 shares)</p></td><td style="vertical-align:middle;width:14.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">A</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19.56</p></td><td style="vertical-align:middle;width:8.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">18.29</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">29.95</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">31.20</p></td><td style="vertical-align:middle;width:10.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">12.53</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Fair value on the grant date (USD/share)</p></td><td style="vertical-align:middle;width:14.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">B</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">8.65-9.50</p></td><td style="vertical-align:middle;width:8.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5.89</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3.04-5.55</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.00-10.24</p></td><td style="vertical-align:middle;width:10.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">7.88-10.03</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Total number of days of amortization</p></td><td style="vertical-align:middle;width:14.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">C</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1378-1,461</p></td><td style="vertical-align:middle;width:8.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,461</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,461-1470</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,341-1,461</p></td><td style="vertical-align:middle;width:10.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,419-1,461</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.37%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Number of days of amortization in 2021</p></td><td style="vertical-align:middle;width:14.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">D</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">63-299</p></td><td style="vertical-align:middle;width:8.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">305-365</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">305-365</p></td><td style="vertical-align:middle;width:10.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">305-365</p></td><td style="vertical-align:middle;width:10.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3-244</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">312</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:99.05%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:32.81%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.67%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:8.47%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Amount of reversal of share-based payment due to employment separation in 2021 (USD0&#8217;000)</p></td><td style="vertical-align:middle;width:14.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">E</p></td><td style="vertical-align:middle;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.36</p></td><td style="vertical-align:middle;width:8.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3.80</p></td><td style="vertical-align:middle;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1.61</p></td><td style="vertical-align:middle;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">9.67</p></td><td style="vertical-align:middle;width:11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><b style="font-weight:bold;">Amount of amortization in 2021 (USD0&#8217;000)</b></p></td><td style="vertical-align:middle;width:14.67%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">F=A*B*(D/C)-E</b></p></td><td style="vertical-align:middle;width:11.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">24.35</b></p></td><td style="vertical-align:middle;width:8.47%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">20.56</b></p></td><td style="vertical-align:middle;width:11.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">23.01</b></p></td><td style="vertical-align:middle;width:11.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">33.36</b></p></td><td style="vertical-align:middle;width:11%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">6.05</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Amortization results of the foregoing share-based payment expenses are summarized as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:38.73%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.42%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.42%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.41%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.73%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:20.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.73%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Stock option expenses</p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">-</p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">4.16</p></td><td style="vertical-align:middle;width:20.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">6.76</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.73%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Restricted stock expenses</p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">107.33</p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">36.19</p></td><td style="vertical-align:middle;width:20.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">26.66</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.73%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Total (USD0&#8217;000) </p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">107.33</p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">40.35</p></td><td style="vertical-align:middle;width:20.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">33.42</p></td></tr><tr style="height:19.8pt;"><td style="vertical-align:middle;width:38.73%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Total (RMB0&#8217;000)</b></p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-weight:bold;">691.09</b></p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-weight:bold;">278.37</b></p></td><td style="vertical-align:middle;width:20.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-weight:bold;">230.41</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2</b><b style="font-size:12pt;font-weight:bold;">. Accounting treatment by the Issuer of the stock options and restricted stocks granted</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) The share-based payment is treated as equity settlement</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Item II, Q7 of the </font><font style="font-size:12pt;">Interpretation of A</font><font style="font-size:12pt;">ccounting Standards for Business Enterprises No. 4, if no settlement obligation is imposed on the enterprise receiving services or the enterprise&#8217;s equity instruments are granted to its staff, the share-based payment shall be treated as equity settlement; if any settlement obligation is imposed on the enterprise receiving services and the equity instruments of another enterprise subordinate to the group are granted to its staff, the share-based payment shall be treated as cash settlement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT, the controlling shareholder, grants employees of the Issuer stock options and restricted stocks. The Issuer has no settlement obligation, so the share-based payment should be treated as equity settlement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Accounting treatment by the Issuer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Article 6, Chapter II of the </font><font style="font-size:12pt;">Accounting Standards for Business Enterprises No. 11 - Share-based Payments</font><font style="font-size:12pt;">: </font><font style="font-size:12pt;">if such equity-settled share-based payment in exchange for services received from employees could not be exercised until the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">313</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">completion of services for a vesting period, or until the achievement of a specified performance condition, at each balance sheet date during the vesting period, the services received for the current period shall be recognized as related costs or expenses and capital reserve, at an amount equal to the fair value of the equity instruments at the grant date, based on the best estimate of the number of equity instruments expected to exercise. If, on the balance sheet date, subsequent information indicates that the number of equity instruments expected to exercise is different from that previously estimated, an adjustment shall be made to make it the number of equity instruments actually expected to exercise on the vesting date.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Since the stock options and restricted stocks cannot be exercised on the grant date, there is no need for relevant accounting treatment. At each balance sheet date during the vesting period, the Company evaluated each batch of stock options and restricted stocks separately, and recognized </font><font style="font-size:12pt;">the services received for the current period as related costs or expenses and other capital reserves, at an amount equal to the fair value of the stock options at the grant date, based on the best estimate of the number of stock options expected to exercise.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the accounting treatment of the incentive grantees of stock options and restricted stocks leaving during the reporting period, due to the vesting period stipulated for the controlling shareholder&#8217;s grant, the originally confirmed share-based payment related to the employees who have left shall be charged back to offset the share-based payment for the current period when they left.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, regarding the grant of stock options and restricted stocks by AXT, the controlling shareholder, to employees of the Issuer, the Issuer confirmed that the amount of share-based payment was RMB2,304,100, RMB2,783,700 and RMB6,910,900 respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3</b><b style="font-size:12pt;font-weight:bold;">. Whether any incentivized employee held a position in the controlling shareholder or its subsidiary and the Issuer concurrently, and if yes, how to amortize the share-based payment;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">A</font><font style="font-size:12pt;">ll the incentivized employees are employees of the Issuer, and there is no case where any incentivized employee held a position in the controlling shareholder or its</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">314</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">subsidiary and the Issuer concurrently.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Positions of shareholders having contributed to the capital increase in the Company in December 2020, whether it constitutes share-based payment and the basis</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1.</b><b style="font-size:12pt;font-weight:bold;"> Positions of shareholders having contributed to the capital increase in the Company in December 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On December 25, 2020, Tongmei Limited held a shareholders&#8217; meeting, agreeing to increase the Company&#8217;s registered capital from RMB301,106,668.53 to RMB820,960,319. The newly added registered capital comprises RMB516,569,800, which was subscribed by AXT, Jinchao Business Management, Beijing Bomeilian, and Zhongke Hengye in the form of equity, and RMB3,283,841, which was subscribed by Beijing Liaoyan, Beijing Dingmei, Boyu Yingchuang, and Boyu Hengye in the form of cash.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Except AXT as the controlling shareholder of the Company, the shareholding structure and positions of other shareholders having contributed to the capital increase in the Company are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Jinchao Business Management</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Jinchao Business Management is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:21.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.27%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.87%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:24.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.12%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.12%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:21.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></td><td style="vertical-align:middle;width:12.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of partner</b></p></td><td style="vertical-align:middle;width:19.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital contribution (RMB 0&#8217;000)</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:24.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">capital </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution (%)</b></p></td><td style="vertical-align:middle;width:10.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">GUO Tao</font></p></td><td style="vertical-align:middle;width:12.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">41</font></p></td><td style="vertical-align:middle;width:24.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">15.0183</font></p></td><td style="vertical-align:middle;width:10.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director, Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.96%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LU Qinjian</font></p></td><td style="vertical-align:middle;width:12.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">25</font></p></td><td style="vertical-align:middle;width:24.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9.1575</font></p></td><td style="vertical-align:middle;width:10.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.96%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XING Zhiguo</font></p></td><td style="vertical-align:middle;width:12.27%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">25</font></p></td><td style="vertical-align:middle;width:24.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9.1575</font></p></td><td style="vertical-align:middle;width:10.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General Manager</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">315</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:18.83%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YANG Guifang</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Engineer in Charge</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Changping</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">TANG Zhiguo</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Yang</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">QIU Caiyong</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LV Xueping</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Vice Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Wenbing</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">DU Wanyi</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.6630</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Vice Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Jiuyu</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.1978</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Section Chief</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YU Yihai</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.1978</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director Assistant</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">JIANG Jingfang</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.1978</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director Assistant</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">DUAN Linlin</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.1978</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director Assistant</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">DONG Baowu</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.1978</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Section Chief</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">QIAN Changjun</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Section Chief</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">316</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:18.83%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XIAO Aihong</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director Assistant</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHENG Dan</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Vice Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">JING Mingjuan</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director Assistant</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">JIANG Jun</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YE Bing</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Section Chief</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Yubin</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Vice Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XU Shuangxi</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Section Chief</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Xiaofei</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Section Chief</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">CHONG Lei</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director Assistant</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.83%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinchao</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.9304</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">N/A</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">N/A</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:18.83%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">273</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:13.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:19.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Zhongke Hengye</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Zhongke Hengye is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">317</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:33.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:8.98%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:21.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.29%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:33.34%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:8.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">capital</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">(RMB 0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:21.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of capital </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution (%)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">HE Junfang</font></p></td><td style="vertical-align:middle;width:8.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1,580</font></p></td><td style="vertical-align:middle;width:21.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">79.00</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">WANG Junyong</font></p></td><td style="vertical-align:middle;width:8.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">400</font></p></td><td style="vertical-align:middle;width:21.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">20.00</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.34%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Zhongke Yingchuang (Beijing) Technology Development Co., Ltd.</font></p></td><td style="vertical-align:middle;width:8.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">General partner</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">20</font></p></td><td style="vertical-align:middle;width:21.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.00</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">N/A</font></p></td><td style="vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">N/A</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:33.34%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:8.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2,000</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:11.29%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:11.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Beijing Bomeilian</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Beijing Bomeilian is as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:22.31%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.22%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:27.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:16%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:12.72%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:22.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">shareholder</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">capital</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution (RMB0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:27.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of capital</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution (%)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">HE Junfang</font></p></td><td style="vertical-align:middle;width:21.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">133.33</font></p></td><td style="vertical-align:middle;width:27.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">66.67</font></p></td><td style="vertical-align:middle;width:16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Zhongke Hengye</font></p></td><td style="vertical-align:middle;width:21.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">66.67</font></p></td><td style="vertical-align:middle;width:27.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">33.33</font></p></td><td style="vertical-align:middle;width:16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">N/A</font></p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">N/A</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.31%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:21.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">200.00</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:27.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:16%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:12.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Beijing Dingmei</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Beijing Dingmei is as</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">318</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:20.85%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.87%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:19.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:20.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></td><td style="vertical-align:middle;width:14.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">(RMB0&#8217;000)</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">capital </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution (%)</b></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YANG Songmei</font></p></td><td style="vertical-align:middle;width:14.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.8246</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LI Zhigao</font></p></td><td style="vertical-align:middle;width:14.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Factory Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">GENG Yingjie</font></p></td><td style="vertical-align:middle;width:14.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YANG Jun</font></p></td><td style="vertical-align:middle;width:14.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">KAI Li</font></p></td><td style="vertical-align:middle;width:14.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">CHEN Yu</font></p></td><td style="vertical-align:middle;width:14.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Financial Manager of Subsidiary</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">HUANG Jiahua</font></p></td><td style="vertical-align:middle;width:14.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Senior Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHAO Bo</font></p></td><td style="vertical-align:middle;width:14.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Technical Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XU Lixin</font></p></td><td style="vertical-align:middle;width:14.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.9474</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LI Jingping</font></p></td><td style="vertical-align:middle;width:14.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.9474</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.85%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XING Zhihong</font></p></td><td style="vertical-align:middle;width:14.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:19.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.9474</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Factory Director</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">319</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:20%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">aaw</p></div></div></td><td style="vertical-align:middle;width:15.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.98%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.98%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.51%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.5%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Tianyu</font></p></td><td style="vertical-align:middle;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.9474</font></p></td><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Senior Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LI Lintan</font></p></td><td style="vertical-align:middle;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.9474</font></p></td><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">CHEN Weijun</font></p></td><td style="vertical-align:middle;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Yufeng</font></p></td><td style="vertical-align:middle;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LI Kexin</font></p></td><td style="vertical-align:middle;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">HU Chengbin</font></p></td><td style="vertical-align:middle;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Senior Technologist</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHU Yongsheng</font></p></td><td style="vertical-align:middle;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Crystal Growth Technician</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Ling</font></p></td><td style="vertical-align:middle;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LI Xin</font></p></td><td style="vertical-align:middle;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Crystal Growth Technician</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Liwei</font></p></td><td style="vertical-align:middle;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Senior Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">SUN Guofeng</font></p></td><td style="vertical-align:middle;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:12.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XIA Haosheng</font></p></td><td style="vertical-align:middle;width:15.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:12.51%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New 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Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">320</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div 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Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Qiutong</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Senior Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Xiangdong</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">JIANG Jun</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.193</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Chunbao</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.7544</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LI Yinhu</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.3158</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Senior Engineer</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LI Hongmei</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.3158</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">CHEN Xuguang</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.3158</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Senior Officer</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Youmu</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">0.8772</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YANG Yingju</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Financial Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">228.00</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(5) Beijing Liaoyan</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Beijing Liaoyan is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:13.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:12.7%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:13.65%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:12.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">(RMB0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:17.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">capital </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution (%)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.65%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">HAO Ze</font></p></td><td style="vertical-align:middle;width:12.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">17</font></p></td><td style="vertical-align:middle;width:17.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">18.4783</font></p></td><td style="vertical-align:middle;width:18.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:18.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Director, Chief Financial Officer, Deputy General Manager</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">321</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:17.5%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.12%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.58%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></td><td style="vertical-align:middle;width:18.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">(RMB0&#8217;000)</b></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">capital </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution (%)</b></p></td><td style="vertical-align:middle;width:17.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">LI Haimiao</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">14</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">15.2174</font></p></td><td style="vertical-align:middle;width:17.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Technical Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">WANG Yuanli</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11.9565</font></p></td><td style="vertical-align:middle;width:17.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Key technical staff</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">XIAO Yadong</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11.9565</font></p></td><td style="vertical-align:middle;width:17.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Deputy Technical Factory Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">REN Diansheng</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11.9565</font></p></td><td style="vertical-align:middle;width:17.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Key technical staff</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SHI Ning</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11.9565</font></p></td><td style="vertical-align:middle;width:17.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Deputy Factory Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">WANG Yuxin</font></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">General partner</font></p></td><td style="vertical-align:middle;width:18.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">17</font></p></td><td style="vertical-align:middle;width:17.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">18.4783</font></p></td><td style="vertical-align:middle;width:17.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Director, Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:17.5%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:12.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:18.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">92.00</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:17.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(6) Boyu Yingchuang</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Boyu Yingchuang is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">capital contribution (RMB0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">capital </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution (%)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Junyong</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">20</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">68.9655</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Xin</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">31.0345</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Financial Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">29.00</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(7) Boyu Hengye</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">322</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Boyu Hengye is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:22.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">partner</b></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">capital contribution </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">(RMB0&#8217;000)</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:22.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">capital </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">contribution (%)</b></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Juan</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:22.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YANG Huanping</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:22.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Junyong</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:22.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIAN Lu</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:22.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Chun</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:22.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XU Mengjian</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:22.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Shuyue</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:22.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">7.1429</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">R&amp;D Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Chunjing</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:22.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.5714</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Ying</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:22.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.5714</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">MAO Congjie</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:22.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.5714</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WU Dan</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:17.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:22.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.5714</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">R&amp;D Supervisor</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">323</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Jiawei</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.5714</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">R&amp;D Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Yanjie</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">84.00</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Share-based payment by shareholders having contributed to the capital increase in December 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:19.67%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:37.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:43.08%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of shareholder</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Share-based payment or not</b></p></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Jinchao Business Management</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Zhongke Hengye</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Bomeilian</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Liaoyan</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Dingmei</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Boyu Yingchuang</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Boyu Hengye</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) The act of AXT, Jinchao Business Management, Zhongke Hengye and Beijing Bomeilian does not constitute share-based payment</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the </font><font style="font-size:12pt;">Accounting Standards for Business Enterprises No. 11 - Share-based Payments </font><font style="font-size:12pt;">and relevant interpretation, share-based payment refers to the transaction in which an enterprise grants equity instruments or assumes liabilities determined on the basis of equity instruments in order to receive services from employees or other parties. According to the definition, whether the transfer of shares or issuance of new shares by the Company during the reporting period constitutes share-based payment can be judged from the following two aspects: I. whether the Issuer has exchanged services from employees or other parties, including issuing shares to employees or specific suppliers at a low price in exchange for services; II. whether there is a large difference between equity transaction price and fair value.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As per the reply on share-based payments in the Certain Questions and Answers</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">324</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">on IPO Business, &#8220;Under normal circumstances, changes of shares resulting from regulatory measures such as resolution of nominee holdings of shares, non-transaction conduct such as property division among family, succession, and donation, asset restructuring, mergers and acquisitions, changes of shareholding manners, placement of new shares with existing shareholders in the same proportion, or the like generally need not be treated as share-based payments if there is sufficient evidence that the acquisition of the relevant shares is irrelevant to the issuer&#39;s acquisition of services.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In December 2020, AXT, Jinchao Business Management, Zhongke Hengye and Beijing Bomeilian acquired the Issuer&#8217;s equity interest through equity capital increase, which is not a share-based payment mainly for the following reasons: the contribution made by AXT, Jinchao Business Management, Zhongke Hengye and Beijing Bomeilian to the capital increase of the Issuer with the equity interest in five companies such as Beijing Boyu is the Issuer&#8217;s act of asset reorganization to solve the problem of horizontal competition and improve the comprehensive strength of the Company, but not to receive the services provided by the parties contributing to the capital increase to the Company. The Issuer has not agreed on any service matters with the above parties for the issue, so there is no case where the Issuer issues shares in exchange for the services from the transferee.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) The act of Beijing Liaoyan, Beijing Dingmei, Boyu Yingchuang and Boyu Hengye constitutes share-based payment</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In order to realize that employees share the achievements of the Company and for the purpose of motivating employees, the Company sets up employee stock ownership platforms to realize employee stock ownership based on the principle of voluntariness and assumption of risk. Employees add capital to the Company through four employee stock ownership platforms: Beijing Liaoyan, Beijing Dingmei, Boyu Yingchuang and Boyu Hengye. The Company has confirmed the share-based payment of RMB2,657,600 in 2021 for the capital increase through the above employee stock ownership platforms.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The share changes of the employee stock ownership platforms are subject to the Accounting Standards for Business Enterprises No. 11 - Share-based Payments, and the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">325</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">relevant accounting treatment is in accordance with the relevant provisions of the Accounting Standards for Business Enterprises.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) Basis and accuracy of amortization of share-based payment among costs and expenses.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the department, work content and nature of the incentivized employees, the Company calculated the share-based payment expenses for each incentivized employee and included the same into corresponding costs, selling expenses, management expenses or R&amp;D expenses</font><font style="font-size:12pt;">. </font><font style="font-size:12pt;">For motivated employees who may undertake multiple work contents and natures, the company determines the nature of their work based on their attendance and work records, and share-based payment expenses are amortized in different expenses according to the attendance records.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Company&#8217;s attendance and work records, most of motivated objects have fixed positions during the reporting period, who do not hold different positions in the same year; a small number of them are allocated to different positions as needed for their own positions and the Company&#8217;s production. The Company amortizes their remunerations in different expenses according to their working hours based on the attendance records.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Company&#8217;s share-based payments by expense type are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:43.72%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">By expense type</b></p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:18.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:18.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Selling expenses</font></p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">162.57</font></p></td><td style="vertical-align:middle;width:18.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">5.74</font></p></td><td style="vertical-align:middle;width:18.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">4.16</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Management expenses</font></p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">262.92</font></p></td><td style="vertical-align:middle;width:18.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">118.73</font></p></td><td style="vertical-align:middle;width:18.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">94.85</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">R&amp;D expenses</font></p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">342.48</font></p></td><td style="vertical-align:middle;width:18.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">38.51</font></p></td><td style="vertical-align:middle;width:18.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">31.09</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Production costs</font></p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">235.01</font></p></td><td style="vertical-align:middle;width:18.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">115.40</font></p></td><td style="vertical-align:middle;width:18.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:10.5pt;">100.31</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.72%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:18.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,002.98</b></p></td><td style="vertical-align:middle;width:18.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">278.37</b></p></td><td style="vertical-align:middle;width:18.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">230.41</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the share-based payment expenses of the Company during the reporting period were amortized on a reasonable basis and in an accurate amount.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. Intermediaries&#8217; verification</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">326</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Reporting Accountant and the Sponsor have carried out the following verification procedures with respect to the aforesaid issues:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Review relevant documents including, among others, the resolutions of the board of directors and the general meeting of shareholders, and the corresponding plan and partnership agreements related to the implementation by the Company of the employee stock ownership plan and the equity incentive plan, and confirm the grantees, grant price, grant time, lock-in period and tenure in connection therewith;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Review the appraisal report issued by </font><font style="font-size:12pt;">Shanghai PG Advisory Co., Ltd.</font><font style="font-size:12pt;">;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Combined with the previous equity changes to review the accounting treatment process of share-based payment, whether it conforms to the relevant provisions of the Accounting Standards for Business Enterprises, and whether the Accounting Standards for Business Enterprises No. 11 - Share-based Payments is applicable to the relevant share changes;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. </font><font style="font-size:12pt;">Review</font><font style="font-size:12pt;"> the implementation of the Issuer&#8217;s equity incentive plan, introduce internal valuation experts of the Reporting Accountant to evaluate the rationality and fairness of the measurement methods of fair value of relevant equity instruments and the calculation process of share-based payment, check the period in which share-based payment is included, and verify whether the accounting treatment of share-based payment conforms to the provisions of accounting standards for enterprises;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon verification, the Sponsor and the Reporting Accountant believe that the related share-based payment contents disclosed by the Company are true, complete and accurate, the accounting treatment of share-based payment contents is reasonable, and the amortization and measurement of share-based payment are reasonable and accurate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q18. Fundraising Project</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus, the Issuer intends to raise about RMB1.16 billion, of which RMB800 million will be used to replenish working capital.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">327</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: the reason and rationality for using the majority of the raised funds to replenish working capital, and the specific arrangements for the investment of the raised funds in the field of scientific and technological innovation.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Reason and rationality for using the majority of the raised funds to replenish working capital</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Necessity and rationality for using the raised funds to replenish working capital</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company&#8217;s current cash and bank balances are mainly used for daily raw material and equipment procurement, goods preparation, project R&amp;D and other related expenses, project expenses, expenses related to business activities such as receiving labor services and paying employee compensation, taxes and fees, as well as expenses related to long-term development. With the continuous growth of the Company&#8217;s production capacity and income scale, the Company&#8217;s expenditure on raw material procurement, R&amp;D and employee compensation will further increase, so it is urgent to raise more funds to meet the working capital needs.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In this Offering, RMB800 million will be raised to replenish working capital, mainly because that, on the one hand, with the continuous growth of the Company&#8217;s income scale, the Company&#8217;s demand for raw material procurement has increased correspondingly, and the expenditure on R&amp;D and investment in projects have also kept increasing, which is expected to produce the demand for working capital investment; on the other hand, the rapid development of the market requires the Company to continue to pay attention to changes in market demand and expand core technological advantages, the Company still has the demand for further R&amp;D to launch new products in the future, and it is expected to increase the demand for working capital investment. In addition, with the gradual investment, construction and operation of the Company&#8217;s fundraising projects, and with the continuous improvement of the Company&#8217;s overall</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">328</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">business scale, the demand for working capital is further increasing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">When the working capital is in place, it will provide sufficient working capital for the Company&#8217;s project construction, avoid the dilemma of cash flow shortage caused by the increase of capital expenditure, and meet the needs of the Company&#8217;s long-term development. At the same time, the increase of working capital is conducive to improving the Company&#8217;s anti-risk ability, avoiding serious adverse impact on the Company&#8217;s going-concern ability due to price fluctuations of raw materials and finished products and fluctuations in exchange rate, and ensuring the stability of the Company&#8217;s main business. In addition, in order to adapt to the trend of rapid development of industry technology and the need for continuous upgrading of product performance, the Company will continue to carry out technological transformation of production lines and new product R&amp;D in the future, which requires the Company to have strong financial strength. The use of the raised funds will help optimize the capital structure of the Company, improve the anti-risk ability, provide financial support for the sustainable development of the Company&#8217;s business, and provide a strong guarantee for the implementation of the Company&#8217;s future development strategy.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Process by which the raised funds are used to replenish working capital</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The amount occupied by working capital is mainly affected by the Company&#8217;s operating current assets and operating current liabilities. The Company uses the sales percentage method to estimate the changes of relevant current assets and current liabilities caused by the growth of future operating income, and then estimates the working capital gap in the next three years.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company has forecast the operating current assets and operating current liabilities at the end of 2022, 2023 and 2024, and calculated the amount of operating current capital at each end of the year (i.e. the difference between operating current assets and operating current liabilities). </font><font style="font-size:12pt;">The percentage of operating current assets (accounts receivable, notes receivable, receivables financing, prepayments, inventory) and operating current liabilities (accounts payable, contract liabilities) in operating income is determined according to the average of actual indicators in 2019-2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company&#8217;s new working capital gap in the next three years is calculated as</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">329</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">per the following formula:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">New working capital gap = Amount of working capital occupied at the end of 2024 - amount of working capital occupied at the end of 2021</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the above calculation, the Company&#8217;s new working capital demand in the next three years amounts to RMB869.0666 million. It is reasonable for the Company to use the raised funds of RMB800 million to replenish the working capital.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the Company calculates its working capital gap in the next three years using the sales percentage method, based on reasonable assumptions and parameters setting, and in accordance with rational calculation process. The amount of RMB800 million to be used by the Company for replenishing working capital is in line with its existing assets and business scale.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Specific arrangements for the investment of the raised funds in the field of scientific and technological innovation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Guidelines on the Industrial Classification for the Listed Companies (2012 Revision) published by the CSRC, the industry of the Company is classified into the &#8220;computer, communication and other electronic equipment manufacturing industry (industrial code: C39).&#8221; According to the Industrial Classification for National Economic Activities (GB/T4754-2017) published by the National Bureau of Statistics, the industry of the Company is classified into the &#8220;manufacturing of electronic components and special-purpose electronic materials&#8221; (C3985) under the &#8220;computer, communication and other electronic equipment manufacturing industry&#8221;. According to the </font><font style="font-size:12pt;">Tentative Provisions for Application for and Recommendation of Listing of Enterprises on the Sci-tech Innovation Board of the Shanghai Stock Exchange</font><font style="font-size:12pt;">, the Company is classified into a new generation of information technology industry in line with the positioning of the STAR Market.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The raised funds will be fully used for the development of the Company&#8217;s main business after deducting the issuing fees, including construction of the gallium arsenide semiconductor materials project with an annual production capacity of 500,000 pieces of 8-inch GaAs substrates and 4,000,000 pieces of 2-inch GaAs substrates, and addition of new production lines to expand production capacity, speed up the response to</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">330</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">customers&#8217; orders, improve the supply capacity, consolidate the Company&#8217;s competitive position in the market, meet customers&#8217; demand for products of larger quantities, faster delivery and higher quality, and lay a solid foundation for the Company&#8217;s continuous growth.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">With the growth of its business scale, the Company&#39;s demand for equipment and material procurement has increased accordingly, and its R&amp;D expenses and new project investments have also continued to increase. It is expected that there will be a demand for working capital investment. On the other hand, the development of the semiconductor industry is ever changing. The Company needs to continuously pay attention to any change to the market demand and expand its core technology advantages. In the future, the Company will still need to further develop and launch new products, and it is also expected that there will be a demand for working capital investment. The Company intends to make supplementary working capital investment in the field of technological innovation of semiconductor materials, including but not limited to the upgrading and transformation of existing production lines, increasing the investment in R&amp;D of new products and new technologies, and building an R&amp;D teams, so as to ensure the smooth operation of its business, and enhance its competitiveness in the compound semiconductor materials market.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The implementation of the foregoing fundraising projects will further improve the core strength of the Company&#8217;s scientific and technological innovation. The production and R&amp;D field invested with the raised funds belongs to a &#8220;new generation of information technology&#8221; industry under Paragraph (I), Article 4 of the </font><font style="font-size:12pt;">Tentative Provisions for Application for and Recommendation of Listing of Enterprises on the Sci-tech Innovation Board of the Shanghai Stock Exchange, which has the property of scientific and technological innovation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q19. Spin-off for Listing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, the Issuer&#8217;s application for this Offering and Listing has been approved and authorized by the board of directors of AXT, and</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">331</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">AXT has conducted relevant information disclosures without obtaining any authorizations, consents, approvals or other actions from any governmental authority or regulatory agency in Delaware, NASDAQ and the U.S. Securities and Exchange Commission that have jurisdiction over AXT, and without performing notification, filing and other procedures.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) Whether AXT has been involved in any government investigations, litigations, arbitrations or administrative penalties after its listing on NASDAQ. Whether there have been any major illegal acts in the last 3 years. Whether it has been subject to any inquiries from the U.S. SEC and NASD as a result of this Offering and Listing; (2) the impact of this Offering and Listing on AXT&#8217;s small and medium investors, and whether there are disputes or potential disputes between relevant shareholders.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer&#8217;s Attorney is required to verify the above and to render explicit opinions thereon.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Whether AXT has been involved in any government investigations, litigations, arbitrations or administrative penalties after its listing on NASDAQ. Whether there have been any major illegal acts in the last 3 years. Whether it has been subject to any inquiries from the U.S. SEC and NASDQ as a result of this Offering and Listing;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Disclosure Letter issued by the US law firm Wilson Sonsini Goodrich &amp; Rosati, the Statement &amp; Confirmation Letter issued by AXT, the confirmation by the interview with AXT&#8217;s Chairman MORRIS SHEN-SHIH YOUNG, and the public information available at the U.S. SEC website (https://www.sec.gov/) and the NASDAQ website (https://www.nasdaq.com/) through query, AXT has been involved in and disclosed by announcement 1 government investigation and administrative punishment, 5 lawsuits and 2 arbitrations since its listing on NASDAQ,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">332</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:8.36%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.5%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:43%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:32.13%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.36%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">S/N</b></p></td><td style="vertical-align:middle;width:16.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Type</b></p></td><td style="vertical-align:middle;width:43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Basic information</b></p></td><td style="vertical-align:middle;width:32.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Progress and outcome</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.36%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><font style="font-size:8.5pt;">1</font></p></td><td style="vertical-align:middle;width:16.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><font style="font-size:8.5pt;">Government investigation, administrative punishment and lawsuit</font></p></td><td style="vertical-align:middle;width:43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 12pt 2.9pt;"><font style="font-size:8.5pt;">In May 2000, AXT was fined USD313,655 by the California Occupational Safety and Health Administration for violating relevant health and safety regulations in an investigation of potential excessive hazardous substances at AXT&#8217;s production base.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">On May 1, 2001, the Santa Clara Occupational Safety and Health Center filed a lawsuit with the Hayward High Court of Alameda County, California requesting to order AXT to stop the violation and impose civil punishments thereon on the ground that AXT used arsenic and inorganic arsenic compounds in its workplace against relevant provisions of the California Business and Professions Code, the California Proposition 65 and the California Occupational Safety and Health Act.</font></p></td><td style="vertical-align:middle;width:32.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><font style="font-size:8.5pt;">In March 2001, AXT reached a settlement with the California Occupational Safety and Health Administration for a fine of USD200,415. On June 24, 2002, AXT reached a settlement with the other party on relevant claims, under which AXT agreed to pay an amount of USD175,000 to the Santa Clara Occupational Safety and Health Center, with the corresponding settlement agreement having been signed, and the settlement being approved by the court on 20 September 2002.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.36%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><font style="font-size:8.5pt;">2</font></p></td><td style="vertical-align:middle;width:16.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><font style="font-size:8.5pt;">Lawsuit</font></p></td><td style="vertical-align:middle;width:43%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">On April 15, 2003, Sumitomo Electric Industries, Ltd. (&#8220;Sumitomo&#8221;) filed a lawsuit with the Civil Division of Tokyo District Court, alleging that AXT and its Japanese traders infringed two patents held by Sumitomo in Japan, and seeking to order AXT to pay punitive damages of USD1.67 million together with related interest, bear the litigation costs and stop selling GaAs substrates in Japan.</font></p></td><td style="vertical-align:middle;width:32.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">On October 8, 2004, AXT and Sumitomo reached a settlement on the litigation. On December 2, 2004, both parties entered into a global intellectual property cross licensing agreement subjecting AXT to pay Sumitomo royalties. In January 2005, the patent-related lawsuit was withdrawn by Sumitomo.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">333</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:8.36%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.5%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:43%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:32.13%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.36%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">3</font></p></td><td style="vertical-align:middle;width:16.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">Lawsuit</font></p></td><td style="vertical-align:middle;width:43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">On June 11, 2003, Cree, Inc. filed a lawsuit with the Northern District Court of California, the United States, alleging that AXT infringed its patent rights and requesting AXT to compensate for the loss and stop the infringement. On July 23, 2003, AXT filed a counterclaim with the same court, denying its patent infringement and claiming that Cree, Inc. instituted the litigation in an attempt to interfere with the future business relations.</font></p></td><td style="vertical-align:middle;width:32.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">On March 5, 2004, AXT and Cree, Inc. reached a settlement agreement on the dispute between them.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.36%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">4</font></p></td><td style="vertical-align:middle;width:16.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">Lawsuit</font></p></td><td style="vertical-align:middle;width:43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">On October 15, 2004, a securities class action was filed by those who purchased shares of AXT during the period from February 6, 2001 to April 27, 2004 as the plaintiffs with the Northern District Court of California against AXT and its CTO as the defendants, on the grounds of false and misleading financial results announced during the above period.</font></p></td><td style="vertical-align:middle;width:32.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">On April 24, 2007, AXT reached a settlement agreement with the relevant plaintiffs on the class action.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.36%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">Lawsuit</font></p></td><td style="vertical-align:middle;width:43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">On June 1, 2005, two former employees and their minor children as the plaintiffs filed a lawsuit with the California Supreme Court against AXT, its CTO, former interim CEO, former security staff and a supplier as the defendants for personal injury due to exposure of infants in utero to high concentrations of gallium arsenide and methanol used for the production of GaAs wafer caused by general negligence and intentional tort, holding the defendants liable for loss of wages and other damages, including punitive damages.</font></p></td><td style="vertical-align:middle;width:32.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">On April 23, 2007, both parties reached an agreement on the lawsuit, with the settlement fund covered by the insurance company.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.36%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">6</font></p></td><td style="vertical-align:middle;width:16.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">Arbitration</font></p></td><td style="vertical-align:middle;width:43%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">In 2008, Steve X. Chen, a former employee, requested the arbitral tribunal to uphold his claim that his dismissal from AXT was based on race and nationality.</font></p></td><td style="vertical-align:middle;width:32.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 3pt 2.9pt;"><font style="font-size:8.5pt;">The claim of the former employee Steve X. Chen has been resolved without incurring any liability for compensation on the part of AXT.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">334</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:8.36%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.5%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:43%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:32.13%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.36%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><font style="font-size:8.5pt;">7</font></p></td><td style="vertical-align:middle;width:16.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><font style="font-size:8.5pt;">Arbitration</font></p></td><td style="vertical-align:middle;width:43%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><font style="font-size:8.5pt;">In October 1998, a supplier filed an arbitration with the Arbitration Commission in Shenzhen, China, claiming that AXT failed to fulfill its obligation under the purchase contract with the supplier by failure to fully accept the germanium products.</font></p></td><td style="vertical-align:middle;width:32.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><font style="font-size:8.5pt;">A final award has been made by the arbitral tribunal under which AXT is not required to take any obligation.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">No government investigations, lawsuits, arbitrations or administrative punishments other than the above have been disclosed by AXT via announcement since its listing on NASDAQ.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Disclosure Letter issued by the US law firm Wilson Sonsini Goodrich &amp; Rosati, the Statement &amp; Confirmation Letter issued by AXT, the confirmation by the interview with AXT&#8217;s Chairman MORRIS SHEN-SHIH YOUNG, and the public information available at the U.S. SEC website (https://www.sec.gov/) and the NASDAQ website (https://www.nasdaq.com/) through query</font><font style="font-size:12pt;">, AXT has not committed any major illegal acts in the past three years, nor has it received any inquiries from the U.S. SEC or the </font><font style="font-size:12pt;">NASDAQ</font><font style="font-size:12pt;"> as a result of this Offering and Listing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The impact of this Offering and Listing on AXT&#8217;s small and medium investors, and whether there are disputes or potential disputes between relevant shareholders.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The impact of this Offering and Listing on AXT&#8217;s small and medium investors</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Legal Opinion issued by the US law firm Burks Johansson LLP, the Disclosure Letter issued by the U.S. law firm Wilson Sonsini Goodrich &amp; Rosati, the Statement &amp; Confirmation Letter issued by AXT, and the Issuer&#8217;s plan for this Offering and Listing, as well as based upon information available at the U.S. SEC website (https://www.sec.gov/) and the NASDAQ website (https://www.nasdaq.com/) through query, this Offering and Listing will not have a material adverse impact on the legitimate rights and interests of AXT&#8217;s small and medium investors, as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) The number of shares issued by the Issuer in this public offering will reach</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">335</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">more than 10% of the total number of shares calculated after the issuance. AXT remains the controlling shareholder of the Issuer after this Offering and Listing, and the Issuer is and will be the controlled subsidiary within the meaning of AXT&#8217;s consolidated statements before and after this Offering and Listing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) The application for this Offering and Listing has been approved by the board of directors of AXT, and AXT has made written information disclosures on this Offering and Listing, thus protecting the right to know of AXT&#8217;s investors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) AXT&#8217;s spin-off of the Issuer for its listing on the Science and Technology Innovation Board will raise funds for the Issuer to build the proposed investment project and supplement the working capital, which is conducive to further standardizing the Issuer&#39;s internal governance, improving management level, and enhancing corporate and brand awareness, and promoting the sustainable and stable development.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) This Offering and Listing has not affected the corporate governance structure and shareholders&#8217; rights of AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(5) According to the Legal Opinion issued by Burks Johansson LLP, a law firm in U.S., under the Delaware General Corporation Law, if any shareholders of AXT are dissatisfied with any decisions made by the broad of directors according to applicable governance practices, it can only obtain remediation through the sales of stocks, and any other remediations require proof of wrongful or unlawful conduct. In addition, the directors of AXT have fiduciary duties to shareholders such as duty of care and duty of loyalty. If shareholders reasonably believe that the directors have violated their fiduciary duties and that they have suffered damages therefrom, they may file a lawsuit.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, this Offering and Listing will not have a material adverse impact on the legitimate rights and interests of small and medium investors in AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether there are disputes or potential disputes among the relevant shareholders</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Disclosure Letter issued by Wilson Sonsini Goodrich &amp; Rosati and the Statement &amp; Confirmation Letter issued by AXT, and as confirmed by the interview with AXT&#8217;s Chairman MORRIS SHEN-SHIH YOUNG, this Offering and Listing has been approved by the board of directors of AXT, without disputes or</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">336</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">potential disputes among the relevant shareholders due to this Offering and Listing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The Issuer&#8217;s Attorney is required to verify the above and to render explicit opinions thereon.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer&#8217;s Attorney has carried out the following verification procedures with respect to the aforesaid issues:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Obtain and review AXT&#8217;s registration documents, the Prospectus, the Disclosure Letter issued by Wilson Sonsini Goodrich &amp; Rosati, and the Statement &amp; Confirmation Letter issued by AXT, and check the information available at the U.S. SEC website (https://www.sec.gov/) and the NASDAQ website (https:www.nasdaq.com/) to verify whether AXT has been subject to government investigations, lawsuits, arbitrations or administrative penalties after its listing on NASDAQ, whether there have been any major illegal acts in the last 3 years, and whether it has been subject to inquiries by the U.S. SEC and NASDAQ due to this Offering and Listing;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Obtain and review the Disclosure Letter issued by Wilson Sonsini Goodrich &amp; Rosati, and the Statement &amp; Confirmation Letter issued by AXT, and check the information available at the U.S. SEC website (https://www.sec.gov/) and the NASDAQ website (https://www.nasdaq.com/) to verify the impact of this Offering and Listing on small and medium investors in AXT;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Obtain and review the Disclosure Letter issued by the U.S. law firm Wilson Sonsini Goodrich &amp; Rosati, and the Statement &amp; Confirmation Letter issued by AXT, confirm the interview with the chairman of AXT, MORRIS SHEN-SHIH YOUNG, and check the information available at the U.S. SEC website (https://www.sec.gov/) and the NASDAQ website (https://www.nasdaq.com/) to verify whether there are any disputes or potential disputes between relevant shareholders related to this Offering and Listing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon verification, the Issuer&#8217;s Attorney believes that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. AXT has been involved in and disclosed by announcement 1 government</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">337</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">investigation and administrative punishment, 5 lawsuits and 2 arbitrations, except for which, it has disclosed no other government investigations, lawsuits, arbitrations or administrative punishments in the announcements after listing on NASDAQ; AXT has not committed any major illegal acts in the past 3 years, nor has it been subject to any inquiries from the U.S. SEC and the NASDAQ due to this Offering and Listing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. This Offering and Listing will not have a material adverse impact on the legitimate rights and interests of small and medium investors in AXT, and there have been no disputes or potential disputes between relevant shareholders due to this Offering and Listing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q20. Other Questions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">20.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, there are a lot of differences between the Issuer&#8217;s original and submitted financial statements, including re-measurements of inventories and costs, re-valuation of provision for decline in value of inventory, and otherwise. The net profits in 2019 was adjusted from profit to loss.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: the reasons for the adjustments of the main reporting items and the specific details.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">There are no differences between the relevant data in the submitted 2021 consolidated financial statements and the data in the original 2021 consolidated financial statements.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main differences between the submitted consolidated financial statements and the original consolidated financial statements for 2019 and 2020 are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The main differences between the submitted consolidated financial statements and the original consolidated financial statements for 2019</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">338</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The reasons and the details for the adjustments of the main reporting items for 2019 are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:10.18%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:24.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:23.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">S.N.</b></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Original</b></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Submitted</b></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Difference</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Notes receivable</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">625.24</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,820.67</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,195.43</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Accounts receivable financing</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,522.26</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,522.26</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Prepayments</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,668.33</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">324.72</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-4,343.61</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Inventories</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">23,186.43</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">24,569.53</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,383.10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Other current assets</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,036.00</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,204.71</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,168.71</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Construction in progress</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">38,521.33</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">33,260.93</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-5,260.40</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Intangible assets</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,934.95</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,841.00</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,906.05</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deferred income tax assets</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,531.11</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,531.11</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Other non-current assets</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2,692.91</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2,692.91</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total assets</b></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">128,622.90</b></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">133,621.60</b></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">4,998.70</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Accounts payable</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">15,985.49</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10,942.07</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-5,043.42</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Payroll payable</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">533.55</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,817.66</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,284.11</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Taxes payable</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-2,136.07</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">933.65</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,069.72</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Other payables</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">92.33</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">17,111.06</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">17,018.73</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">13</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Long-term payables</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">7,827.02</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,311.66</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-6,515.36</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">14</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deferred income</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,820.43</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,132.12</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,311.69</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total liabilities</b></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">29,513.21</b></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">39,573.43</b></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">10,060.21</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Operating receipts</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">46,113.29</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">46,222.68</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">109.39</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">15</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Operating costs</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">34,541.05</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">37,240.39</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,699.34</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Period expenses </font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10,537.03</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10,869.71</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">332.68</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">339</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:10.18%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:24.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:23.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">16</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Asset impairment losses</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">13.41</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,410.18</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,396.77</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Income tax expenses</font></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">558.30</font></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">295.08</font></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-263.22</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:10.18%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Net profits</b></p></td><td style="vertical-align:middle;width:24.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,239.10</b></p></td><td style="vertical-align:middle;width:23.15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-2,806.35</b></p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">-4,045.44</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Notes receivable and accounts receivable financing</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) According to the &#8220;Notice of the General Office of the China Banking Regulatory Commission on Further Strengthening the Supervision of the Bill Business of Financial Companies of Enterprise Groups&#8221; (CBRC [2019] No. 133) and the &#8220;Analysis of Listed Companies Implementing Accounting Standards for Business Enterprises (2020)&#8221; and other notices, the bank acceptance bills issued by 6 large commercial banks and 9 listed joint-stock commercial banks will be derecognized when they are endorsed or discounted, and other bank acceptance bills or commercial acceptance bills will not be derecognized when endorsed or discounted. Accordingly, the financing of notes receivable and accounts receivable has been increased by RMB27,425,700;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments include reduction by a total of RMB248,800.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Prepayments</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Reclassification of prepayments for equipment to other non-current assets resulted in a decrease of RMB25,910,000 in prepayments; reclassification of deposits accounted for in prepayments to other receivables resulted in a reduction of prepayments by RMB1,354,500;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) The land use rights with use right certificates have been reclassified into intangible assets, resulting in a reduction of prepayments by RMB6,800,000;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) The equipment that has been received but not installed has been re-recognized as construction in progress, resulting in a reduction of prepayments by RMB6,254,400;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4) Other adjustments resulted in a reduction of prepayments by RMB3,117,200.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Inventories</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) The amount of finished products and retained parts carried forward from semi-finished products in the production process was re-calculated, and the amount of inventory cost carried forward was adjusted accordingly, resulting in an increase of</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">340</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">inventories by RMB28,936,000;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Inventories increased by RMB5,967,700 due to inter-period adjustment of employee compensation measurements;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) In the original consolidated statements, the controlling shareholder AXT made a unified provision for inventory depreciation at the group level, but did not make provision at the member level. Supplements were made in submitted consolidated statements, resulting in a reduction of inventories by RMB21,557,300;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4) Other adjustments resulted in an increase of inventories by RMB484,600.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Other current assets</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Other current assets were increased by RMB21,663,200 due to the reclassification of the retained value-added taxes in the taxes payable;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in an increase of other current assets by RMB23,900.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(5) Construction in progress</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) The company re-evaluated the construction in progress, and render the construction in progress that has reached the conditions for transfer to solid assets transferred to solid assets and intangible assets, resulting in a reduction of construction in progress by RMB49,766,700;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in a reduction of construction in progress by RMB2,837,300.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(6) Intangible assets</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) In the original consolidated financial statements, each of the subsidiaries did not adopt a unified accounting policy for the measurement of government subsidies. In the submitted consolidated financial statements, the company recognized the government subsidies related to assets according to the gross method, resulting in an increase of intangible assets by RMB13,369,400;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) See 1) under (5) Construction in progress, an increase of intangible assets by RMB12,725,400;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) See 2) under (2) Prepayments, an increase of RMB6,800,000 in intangible assets.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4) Since the company obtained a portion of the land use rights much earlier than the reporting period, according to the &#8220;Enterprise Accounting System&#8221;, the company</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">341</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">accounted for a portion of the land use rights in fixed assets. During the reporting process, the company adjusted this portion of land use rights in accordance with the &#8220;Accounting Standards for Business Enterprises&#8221;, resulting in an increase of intangible assets by RMB5,251,000;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5) Other adjustments resulted in an increase of intangible assets by RMB914,700.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(7) Deferred income tax assets</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company re-recognized the deferred income tax assets as the same were not recognized in the original consolidated financial statements, resulting in an increase of deferred income tax assets by RMB15.3111 million.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(8) Other non-current assets</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) See 1) under (2) Prepayments, an increase of other non-current assets by RMB25.91 million;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in an increase of other non-current assets by RMB1,019,100;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(9) Accounts payable</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) According to the specific nature of the payables, reclassification of the payables for equipment and royalties to other payables, resulting in a reduction of accounts payable by RMB84,809,300;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) See 1) under (1) Notes receivable and accounts receivable financing, an increase by RMB27,425,700 in accounts payable;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) Other adjustments resulted in an increase of accounts payable by RMB6,949,400;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(10) Payroll payable</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) The company increased the payroll payable by RMB14,180,000 due to wages, bonuses and intertemporal social securities and supplementary social securities according to the policy;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in a reduction of payroll payable by RMB1,338,900;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(11) Taxes payable</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Reclassification of the retained value-added tax in the taxes payable resulted in an increase of taxes payable by RMB21,663,200;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">342</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Recalculation of the current corporate income tax resulted in an increase of taxes payable by RMB8,975,800;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) Other adjustments resulted in an increase of taxes payable by RMB58,200.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(12) Other payables</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) See 1) under (9) Accounts payable, an increase of other payables by RMB84,809,300;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) The company reclassified the equipment payables due to related parties to other payables, resulting in an increase of other payables by RMB63,941,200;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) The company reclassified the payables originally accounted for as dividends payable and accrued expenses to other payables, resulting in an increase of other payables by RMB12,264,700;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4) As the period expenses incurred in multiple periods, supplements to the period expenses resulted in an increase of other payables by RMB2,977,300;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5) Other adjustments resulted in an increase of other payables by RMB6,194,800.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(13) Long-term payables</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) See 2) under (12) Other payables, a reduction of long-term payables by RMB63,941,200;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Reclassification of long-term payables due within one year to non-current liabilities due within one year resulted in a reduction of long-term payables by RMB1,212,400.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(14) Deferred income</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) See 1) under (6) Intangible assets, an increase of deferred income by RMB13,369,400;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in a reduction of deferred income by RMB252,500.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(15) Operating costs</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) See 1) under (3) Inventory, an increase of operating costs by RMB22,226,500;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) The safety production fees were not accrued in original consolidated financial statements in accordance with relevant regulations, and the company made supplements to safety production fees, resulting in an increase of operating costs by RMB2,389,700;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) Other adjustments resulted in an increase of operating costs by RMB2,377,200.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">343</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(16) Asset impairment losses</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) See 3) of (3) Inventories an increase of asset impairment losses by RMB13,668,800;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in an increase of asset impairment losses by RMB298,900.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The main differences between the submitted consolidated financial statements and the original consolidated financial statements for 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The reasons and the details for the adjustments of the main reporting items for 2020 are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:11.9%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:23.92%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25.62%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:23.53%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">S.N.</b></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Original</b></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Submitted</b></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Difference</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Inventories</font></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">27,790.43</font></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">28,463.99</font></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">673.56</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Fixed assets</font></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">58,010.38</font></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">61,460.57</font></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,450.19</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Construction in progress</font></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">15,280.86</font></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,263.80</font></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-3,017.06</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Intangible assets</font></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,758.59</font></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,940.45</font></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,181.86</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Deferred income tax assets</font></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,203.92</font></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,192.68</font></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,988.76</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total assets</b></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">175,598.00</b></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">180,304.38</b></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">4,706.38</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other payables</font></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">49,712.58</font></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">51,631.71</font></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,919.13</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Deferred income</font></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,357.69</font></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,493.63</font></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,135.94</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total liabilities</b></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">80,387.37</b></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">83,122.46</b></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2,735.09</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Operating income</font></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">58,267.24</font></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">58,317.04</font></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">49.80</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Operating costs</font></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">41,866.15</font></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">43,339.43</font></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,473.28</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Period expenses</font></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">11,821.61</font></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10,634.04</font></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1,187.57</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Asset impairment losses</font></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">210.01</font></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-858.25</font></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1,068.26</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Income tax expenses</font></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,176.96</font></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-864.36</font></p></td><td style="vertical-align:middle;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-2,041.32</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.9%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:23.92%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Net profits</b></p></td><td style="vertical-align:middle;width:25.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2,552.87</b></p></td><td style="vertical-align:middle;width:23.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">6,027.42</b></p></td><td style="vertical-align:middle;width:15%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">3,474.55</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">344</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Inventories</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) In the original consolidated statements, the controlling shareholder AXT made a unified provision for inventory depreciation at the group level, but did not make provision at the member level. Supplements were made in submitted consolidated statements. According to the Company</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">s policy on provision for decline in value of inventory, the inventory depreciation reserve supplemented in 2019 must be partly reversed in 2020, resulting in an increase of inventories by RMB6,870,300;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in the reduction of inventories by RMB134,700.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Fixed assets</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) The company re-evaluated the construction in progress, and render the construction in progress that has reached the conditions for transfer to solid assets transferred to solid assets, resulting in a reduction of fixed assets by RMB36,125,500;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in a reduction of fixed assets by RMB1,623,600.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Construction in progress</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) See 1) under (2) Fixed assets, a decrease of construction in progress by RMB36.1255 million;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) The construction in progress was reassessed with recognition of the corresponding amount according to its progress, resulted in an increase thereof by RMB16.136 million;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) Provisions for impairment of construction in progress were made outside the reporting period after reassessing the use value of some old construction in progress, resulting in a decrease thereof by RMB6.6296 million;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4) Other adjustments resulted in a decrease thereby by RMB3.5515 million.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Intangible assets</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) In the original consolidated financial statements, each of the subsidiaries did not adopt a unified accounting policy for the measurement of government subsidies. In the submitted consolidated financial statements, the company recognized the government subsidies related to assets according to the gross method, resulting in an increase of intangible assets by RMB12,114,200;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in a reduction of intangible assets by RMB295,600.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">345</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(5) Deferred income tax assets</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As deferred income tax assets have not been recognized in the original consolidated financial statements for all temporary differences that meet the recognition conditions for deferred income tax assets, the company readjusted deferred income tax assets, resulting in an increase of deferred income tax assets by RMB19,887,600.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(6) Other payables</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) See 2) under (3) Construction in progress, an increase of other payables by RMB16,136,000;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in an increase of other payables by RMB3,055,3 00.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(7) Deferred income</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) See 1) under (4) Intangible assets, an increase of deferred income by RMB1,168.22;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in a reduction of deferred income by RMB322,800.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(8) Operating costs</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) The amount of finished products and retained parts carried forward from semi-finished products in the production process was re-calculated, and the amount of inventory cost carried forward was adjusted accordingly, resulting in an increase of operating costs by RMB12,042,000;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) The safety production fees were not accrued in original consolidated financial statements in accordance with relevant regulations, and the company made supplements to safety production fees, resulting in an increase of operating costs by RMB1,561,300;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) Other adjustments resulted in an increase of operating costs by RMB1,129,500.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(9) Period expenses</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) When the company accrued the share-based payment expenses of any employee shareholding platforms in the original consolidated statements, it did not amortize it within the vesting period in accordance with the relevant enterprise accounting standards, and the company re-measured it in the submitted consolidated financial statements, resulting in a reduction of period expenses by RMB12,187,700;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in an increase of period expenses by RMB312,000;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(9) Asset impairment losses</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">346</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) See 1) under (1) Inventories, a reduction of asset impairment losses by RMB11,124,800.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Other adjustments resulted in an increase of asset impairment losses by RMB442,200.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(10) Income tax expense</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) See (5) Deferred income tax assets, a reduction of income tax expenses by RMB16,339,700;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) The company re-measured the current income tax expenses, resulting in a reduction of income tax expenses by RMB4,073,500.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In summary, the Issuer</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">s submitted consolidated financial statements are different from the original consolidated financial statements mainly because: (1) subject adjustments were made according to the &#8220;Accounting Standards for Business Enterprises&#8221; and relevant audit requirements and other rules; (2) subjects were reclassified according to the actual situation; (3) according to the principle of prudence and in light of the actual situation of the company, the re-evaluation were made on time-points at which some construction in progress are converted into fixed assets; (4) the amount of finished products and retained parts carried forward from semi-finished products in the production process were re-calculated, and the provision for impairment of the inventory was made; (5) production safety fees were supplemented in accordance with relevant regulations; (6) share-based payments were re-amortized in accordance with relevant regulations; and (7) deferred income tax assets and income tax expenses were re-recognized according to the adjustment, etc..</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">20.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus, the listing criteria selected by the Issuer are: the expected market value is not less than RMB3 billion, and the operating income in the most recent year is not less than RMB300 million. According to public information, AXT has a market value of about USD300 million.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">347</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: the calculation process of the estimated market value, and the basis and rationality of the estimated market value not less than RMB3 billion.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Basis and process of the calculation of the Issuer&#8217;s estimated market value</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Selection of evaluation methods</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Enterprise value evaluation methods include market method, cost method and income method, etc. The characteristics and applicability of these methods are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.32%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Valuation Method</b></p></td><td style="vertical-align:middle;width:29.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Introduction</b></p></td><td style="vertical-align:middle;width:19.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Indicator</b></p></td><td style="vertical-align:middle;width:34.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Feature</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:16.32%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Market method</b></p></td><td rowspan="4" style="vertical-align:middle;width:29.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Comparable companies with the same or similar operating conditions and main business must be found in an active public market</font></p></td><td style="vertical-align:middle;width:19.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">PE ratio</font></p></td><td style="vertical-align:middle;width:34.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Simple in calculation, easy in data acquisition and high in comprehensiveness, but not suitable for value assessment of loss-making enterprises</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.32%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:29.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:19.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">PB ratio</font></p></td><td style="vertical-align:middle;width:34.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Applicable to loss-making companies, but vulnerable to accounting policies and not applicable to most high-tech companies</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.32%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:29.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:19.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">PS ratio</font></p></td><td style="vertical-align:middle;width:34.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Wide in applicability, but unable to reflect business costs</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.32%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:29.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:19.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">EV/EBITDA </font></p></td><td style="vertical-align:middle;width:34.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Applicable to heavy-asset industries with large depreciation and amortization amount or high-debt enterprises with high interest amount</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.32%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Cost method</b></p></td><td style="vertical-align:middle;width:29.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">The cost of repurchasing a brand-new asset similar or identical to the asset being appraised is estimated from the buyer&#8217;s perspective</font></p></td><td style="vertical-align:middle;width:19.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Advantages: data availability, wide applicability</font></p></td><td style="vertical-align:middle;width:34.69%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Disadvantages: the synergistic effects between corporate assets and the value of intangible assets are neglected, and the future development potential of the company is not reflected</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">348</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:16.31%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:29.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.84%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:34.7%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.31%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Income method</b></p></td><td style="vertical-align:middle;width:29.13%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Through the forecasting of the expected return of the asset, the value is assessed by means of discounting</font></p></td><td style="vertical-align:middle;width:19.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Advantages: comprehensive assessment of enterprise value</font></p></td><td style="vertical-align:middle;width:34.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Disadvantage: difficulty in acquisition and estimation of the measurement data</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company is a world-renowned semiconductor material technology company, mainly engaged in the research and development, production and sales of indium phosphide substrates, gallium arsenide substrates, germanium substrates, PBN materials and other high-purity materials. Its products have broad application space in 5G communications, data centers, next-generation displays, artificial intelligence, unmanned driving, wearable devices, aerospace and other fields.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company had operating incomes of RMB857 million in 2021, and had net profits attributable to shareholders of the parent company amounting to RMB94,587,600. Both sales revenue and net profits have reached a certain scale. Therefore, the PS (price-to-sales ratio) method has been selected for the valuation by the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Selection of comparable companies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The company is mainly engaged in the research and development, production and sales of InP, GaAs, germanium substrate materials, PBN materials and high-purity gallium. Therefore, the company chooses A-share listed companies Leon Micro, NSIG, San</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">an Optoelectronics, Yunnan Germanium Industry and SICC as comparable companies for the comparison of the enterprise value valuation. Details are as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:19.18%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.53%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.5%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:43.22%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company Name</b></p></td><td style="vertical-align:middle;width:12.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Listing</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Location</b></p></td><td style="vertical-align:middle;width:10.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Code</b></p></td><td style="vertical-align:middle;width:43.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Main Business</b></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Revenue in </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">2021 </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">(RMB &#8217;00 </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">million)</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Leon Micro</font></p></td><td style="vertical-align:middle;width:12.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">P. R. China</font></p></td><td style="vertical-align:middle;width:10.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">605358</font></p></td><td style="vertical-align:middle;width:43.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Semiconductor silicon wafers, semiconductor power devices, compound semiconductor RF chips</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">25.41</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.18%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">NSIG</font></p></td><td style="vertical-align:middle;width:12.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">P. R. China</font></p></td><td style="vertical-align:middle;width:10.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">688126</font></p></td><td style="vertical-align:middle;width:43.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Semiconductor wafer</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">18.11</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">349</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:19.18%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.53%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.5%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:43.22%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">San&#8217;an Optoelectronics</font></p></td><td style="vertical-align:middle;width:12.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">P. R. China</font></p></td><td style="vertical-align:middle;width:10.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">600703</font></p></td><td style="vertical-align:middle;width:43.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">LED chip, GaAs substrate, SiC epitaxy</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">84.54</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yunnan Germanium Industry</font></p></td><td style="vertical-align:middle;width:12.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">P. R. China</font></p></td><td style="vertical-align:middle;width:10.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">002428</font></p></td><td style="vertical-align:middle;width:43.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Germanium material, high-purity gallium arsenide, indium phosphide</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5.56</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.18%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SICC</font></p></td><td style="vertical-align:middle;width:12.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">P. R. China</font></p></td><td style="vertical-align:middle;width:10.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">688234</font></p></td><td style="vertical-align:middle;width:43.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Silicon carbide substrate</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4.25</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.18%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:12.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">P. R. China</font></p></td><td style="vertical-align:middle;width:10.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">to be listed</font></p></td><td style="vertical-align:middle;width:43.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Gallium arsenide, indium phosphide, germanium substrate materials, PBN materials and high-purity gallium</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">8.57</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Note: The revenues of NSIG and San&#8217;an Optoelectronics are the data of 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. Valuation calculation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Combined with the above analysis of comparable A-share listed companies, the five companies namely Leon Micro, NSIG, San</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">an Optoelectronics, Yunnan Germanium Industry and </font><font style="font-size:10.5pt;">SICC</font><font style="font-size:12pt;">, whose A-shares are for semiconductor materials, are selected as comparable companies, and PS (TTM) is used to calculate the enterprise value of Beijing Tongmei. &#160;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:25.42%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.12%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:26.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:28.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company Name</b></p></td><td style="vertical-align:middle;width:19.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Stock Code</b></p></td><td style="vertical-align:middle;width:26.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Market Value </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">(RMB &#8217;00 million)</b></p></td><td style="vertical-align:middle;width:28.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">PS (TTM, times)</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Leon Micro</font></p></td><td style="vertical-align:middle;width:19.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">605358</font></p></td><td style="vertical-align:middle;width:26.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">608.71</font></p></td><td style="vertical-align:middle;width:28.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">18.47</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">NSIG</font></p></td><td style="vertical-align:middle;width:19.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">688126</font></p></td><td style="vertical-align:middle;width:26.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">640.90</font></p></td><td style="vertical-align:middle;width:28.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">30.64</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">San&#8217;an Optoelectronics</font></p></td><td style="vertical-align:middle;width:19.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">600703</font></p></td><td style="vertical-align:middle;width:26.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1,639.44</font></p></td><td style="vertical-align:middle;width:28.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9.51</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yunnan Germanium Industry</font></p></td><td style="vertical-align:middle;width:19.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">002428</font></p></td><td style="vertical-align:middle;width:26.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">79.75</font></p></td><td style="vertical-align:middle;width:28.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">17.51</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">SICC</font></p></td><td style="vertical-align:middle;width:19.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">688234</font></p></td><td style="vertical-align:middle;width:26.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">274.70</font></p></td><td style="vertical-align:middle;width:28.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55.91</font></p></td></tr><tr style="height:19.85pt;"><td colspan="3" style="vertical-align:middle;width:71.2%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Average</font></p></td><td style="vertical-align:middle;width:28.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">26.41</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">Source: Wind, as of March 21, 2022</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of March 21, 2022, the average PS (TTM) of comparable companies was 26.41 times. Beijing Tongmei</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">s sales revenue in 2021 was RMB857 million. Based on industry development and the PS (TTM) range of comparable companies, Beijing Tongmei</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">s PS (TTM) was forecast to be in the range of 24-28x, so the Company</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">s reasonable market value was predicted to be in the range of RMB20.568 billion ~</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">350</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">23.996 billion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Other methods to estimate market value for confirmatory analysis</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition to estimating the company</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">s market value using the market method-PS (price-to-sales ratio) method, the company also analyzed the latest external financing, as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On January 21, 2021, Tongmei Limited held a shareholders</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;"> meeting and agreed to increase the company</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">s registered capital from RMB820,960,319 to RMB885,426,756, and the newly increased registered capital was to be subscribed by Haitong New Driving Force, Haitong New Energy, Haitong Innovation, Anxin Industrial Investment, Jinggangshan Meicheng, Huadeng II, Qingdao Xinxing, Qiji Hangzhou, Gongqingcheng Yihua, Shangrong Baoying, Xiamen Heyong, Hangzhou Jingyue, and Lumentime Semiconductor, and it was agreed that the shareholder Zhongke Hengye would transfer the registered capital of RMB10,463,911 to Liaoning Zhuomei at a price of RMB52,655,928, and that the shareholder Beijing Bomeilian would transfer the registered capital of RMB4,907,343 to AXT at a price in RMB equivalent to USD3,730,000. The capital increase and transfer price was RMB5.03/registered capital.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the above-mentioned Issuer</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">s external financing price, the Issuer</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">s post-investment valuation of this external financing is RMB4.454 billion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Differences in the valuation of securities markets between China and the United States</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Due to the differences in laws, regulations and regulatory concepts between China and the United States, the company and AXT will have certain differences in specific accounting treatment and financial information disclosure due to the application of different accounting standards and different regulatory requirements. At the same time, due to the differences in the information disclosure requirements of listed companies by the securities regulatory authorities and the differences in language, culture, and expression habits, as well as the composition of investors in China and the United States, the investment philosophy of the semiconductor industry, and the specific conditions of the capital market, There would be discrepancies in the AXT</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">s market capitalization on</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">351</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">the NASDAQ market and the Issuer</font><font style="font-size:10.5pt;">&#8217;</font><font style="font-size:12pt;">s estimated market capitalization on the China Science and Technology Innovation Board. At present, relevant information about some companies that have completed the US stock split in the market is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:8.93%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">No.</b></p></td><td colspan="2" style="vertical-align:middle;width:49.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">A Share Listing Subject</b></p></td><td colspan="2" style="vertical-align:middle;width:41.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Corresponding US Stock Listing Subject</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:8.93%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Name (code)</b></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Market value</b></p></td><td style="vertical-align:middle;width:20.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Name (code)</b></p></td><td style="vertical-align:middle;width:20.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Market value</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.93%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">1</font></p></td><td style="vertical-align:middle;width:29.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">ACM Shanghai (688082)</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">37.273 billion</font></p></td><td style="vertical-align:middle;width:20.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">ACMR</font></p></td><td style="vertical-align:middle;width:20.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">6.686 billion</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.93%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">2</font></p></td><td style="vertical-align:middle;width:29.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">DAQO (688303)</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">99.33 billion</font></p></td><td style="vertical-align:middle;width:20.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">DQ</font></p></td><td style="vertical-align:middle;width:20.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">20.109 billion</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.93%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">3</font></p></td><td style="vertical-align:middle;width:29.54%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Jinko (688223)</font></p></td><td style="vertical-align:middle;width:19.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">109.4 billion</font></p></td><td style="vertical-align:middle;width:20.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">JKS</font></p></td><td style="vertical-align:middle;width:20.76%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">14.517 billion</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Note: The foregoing valuation is the secondary market value as of April 8, 2022, and the relevant market value of the listed subject in the US stock market is converted at the USD-RMB exchange rate on April 8, 2022.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Thus, due to the foregoing reason, the market value of companies with US stock split in the A shares market is generally higher than their valuations in the US stock market.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) Rationality of estimated market value</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Benefiting from the favorable factors of industry development, the Issuer has a prominent market position and outstanding growth potential. The Issuer has reliable public market data comparable to A-share listed companies, and the PS (price-to-sales ratio) (TTM) valuation indicator selected in the market approach is reasonable and reliable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Considering the above-mentioned latest external financing situation and the analysis of comparable companies in the same industry, the Issuer is expected to have a market value of not less than RMB3 billion when it goes public.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">20.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, for the special rights clauses stipulated in the VAM Agreement, the investment institution and AXT agreed: if the Issuer fails to complete the qualified listing prior to December 31, 2022 (or any other date as</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">352</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">agreed by all parties and agreed in writing), the repurchase clause will automatically resume its validity and be retroactive to the date of the signing of the Supplementary Agreement.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: whether the VAM Agreement within a deadline to resume its validity meets the requirements of the relevant rules.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and Issuer&#8217;s Attorney are required to verify the above and to render explicit opinions in accordance with the relevant provisions of the VAM Agreement.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. </b><b style="font-size:12pt;font-weight:bold;">Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Relevant contents of the VAM Agreement</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In January 2021, the Issuer increased capital and shares by introducing Haitong New Driving Force, Haitong New Energy, Haitong Innovation, Anxin Industrial Investment, Jinggangshan Meicheng, Huadeng II, Qingdao Xinxingyi, Qiji Hangzhou, Gongqingcheng Yihua, Shangrong Baoying, Xiamen Heyong, Hangzhou Jingyue and Lumentime Semiconductor and other investors (collectively, &#8220;Investment Institutions&#8221;). The Investment Institutions, the Issuer and AXT respectively signed the &#8220;Capital Increase Agreement of Beijing Tongmei Xtal Technology Limited&#8221;, &#8220;Supplementary Agreement to the Capital Increase Agreement of Beijing Tongmei Xtal Technology Limited&#8221; (&#8220;Supplementary Agreement&#8221;) and &#8220;Supplementary Agreement II to the Capital Increase Agreement of Beijing Tongmei Xtal Technology Limited&#8221; (&#8220;Supplementary Agreement II&#8221;) (hereinafter collectively referred to as the &#8220;Transaction Documents&#8221;)</font><sup style="font-size:9pt;vertical-align:top;">1</sup><font style="font-size:12pt;"> The VAM clauses in the Transaction Documents regarding the resumption of validity within a deadline are as follows:</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">The Supplementary Agreement states: To the extent the Company fails to make</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="1" width="25.0%" style="background-color:#000000;color:#000000;height:1pt;position:relative;top:0.6em;border:none;margin:0pt;" align="left"></div><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><sup style="font-size:7.5pt;vertical-align:top;">1</sup></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In the Transaction Documents, references to &#8220;Party A&#8221; include Investment Institutions, references to &#8220;Party C&#8221; mean the AXT, and references to &#8220;Party B&#8221; and &quot;Target Company&quot; mean the Issuer. There are no major differences in the provisions of the Transaction Documents signed by each of the Investment Institutions, so they will not be repeated hereby.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">353</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">an IPO before December 31, 2022 (if the company&#8217;s IPO is under review when the period expires, the repurchase will be postponed until the IPO is rejected or the Company withdraws the application), or under other specific circumstances, the Investment Institutions shall have the right to require AXT to repurchase all or part of the equity held by the them in the Company; in addition to the equity repurchase agreement, the Supplementary Agreement also stipulates special rights clauses such as those regarding restrictions on equity transfer, right of first refusal, preemptive sale and anti-dilution (collectively, the &#8220;Repurchase Clause&#8221;). The Supplementary Agreement has been automatically terminated from the date when the Company formally submitted the IPO application materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) The Supplementary Agreement II specifies: If the company fails to complete the qualified listing before the above-mentioned expected listing completion date, the Repurchase Clause stipulated in Article 8 of the Supplementary Agreement will automatically resume its validity and will be effective retroactively from the date of the signing of the Supplementary Agreement. The Repurchase Clause obliges AXT to repurchase the equity, without subjecting the Issuer to repurchase the Company&#8217;s equity held by the Investment Institution.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the purpose of terminating the aforesaid VAM clause with a time limit for resumption of validity, in March 2022, the Investment Institutions, the Issuer and AXT respectively signed the Supplementary Agreement III to the Capital Increase Agreement of Beijing Tongmei Xtal Technology Limited (&#8220;Supplementary Agreement III&#8221;). The main contents are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">&#8220;Article 1 The parties agree and acknowledge that the Supplementary Agreement has been automatically terminated on December 28, 2021 and will be invalid from the date hereof.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Article 2 From the date of signing this Agreement, the Supplementary Agreement II will be automatically terminated and will be invalid from the date hereof.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Article 3 All parties agree and acknowledge that on the day that Party B&#8217;s IPO has been rejected under the review of Shanghai Stock Exchange or refused for registration by China Securities Regulatory Commission or Party B has withdrawn its IPO</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">354</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">application (hereinafter referred to as &#8220;repurchase circumstances&#8221;), Party A shall have the right to require Party C to repurchase part or all of Party B&#8217;s equity held by Party A, and Party C is obliged to repurchase part or all of Party B&#8217;s equity held by Party A upon Party A&#8217;s request.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Party A shall submit a repurchase request to Party C in writing within fifteen (15) working days from the date of Party B sending a written notice to Party A when any of the repurchase circumstances occurs, so that Party C has sufficient time for repurchase arrangements. Party C shall, within ninety (90) days after Party A submits the repurchase request in writing, enter into an equity transfer agreement with Party A regarding the equity repurchase described in this Agreement, and complete the payment of corresponding share repurchase price within the period stipulated in the relevant repurchase legal documents. The equity repurchase price is the actual investment amount paid when Party A obtains the equity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Article 4 The parties further agree that on the date of any of repurchase circumstances stipulated in Article 3 hereof, Party C also has the right to issue a repurchase notice to Party A in writing, and Party C will repurchase the Party B&#8217;s equity held by Party A at that time. The equity repurchase price is the actual investment amount paid when Party A obtains the equity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the Supplementary Agreement and the Supplementary Agreement II have been terminated and will be invalid from the date of signing of these agreements. There is no longer any VAM clause with a time limit for resumption of validity between Investment Institutions and AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether the VAM Agreement complies with the relevant rules and regulations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Supplementary Agreement III, there is a currently valid VAM Agreement between the Investment Institutions and AXT. Such agreement complies with the provisions of Article 10 of the Questions and Answers on the Review of the Offering and Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (II), and the details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">355</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td colspan="3" style="vertical-align:middle;width:37.5%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="2" style="vertical-align:middle;width:50.69%;margin:0pt;padding:3.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="2" style="vertical-align:middle;width:11.79%;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:11.35pt;"><td colspan="3" style="vertical-align:middle;width:37.5%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.37pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Provisions of Article 10 of the Questions and Answers on the Review of the Offering and Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (II)</b></p></td><td colspan="2" style="vertical-align:middle;width:50.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.37pt 3.75pt 3.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Actual Situation of the Issuer</b></p></td><td colspan="2" style="vertical-align:middle;width:11.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 3.6pt 0pt 3.6pt;"><b style="font-size:10.5pt;font-weight:bold;">Compliant or Not</b></p></td></tr><tr style="height:11.35pt;"><td colspan="3" style="vertical-align:middle;width:37.5%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.37pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">Where PE, VC and other institutions agree on a valuation adjustment mechanism (generally referred to as a VAM Agreement) when making investments, in principle, the Issuer is required to clean up the VAM agreements before submission.</font></p></td><td colspan="2" style="vertical-align:middle;width:50.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.37pt 3.75pt 3.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">The special rights such as repurchase rights enjoyed by Investment Institutions under the Supplementary Agreement and Supplementary Agreement II have been terminated and are invalid from the beginning. Only on the day when the Issuer</font><font style="font-size:12pt;">&#8217;</font><font style="font-size:10.5pt;">s IPO has not been rejected by the Shanghai Stock Exchange or refused for registration by the China Securities Regulatory Commission, or the Issuer withdraws the IPO application, the Investment Institutions have the right to request AXT to repurchase part or all of the Issuer</font><font style="font-size:12pt;">&#8217;</font><font style="font-size:10.5pt;">s equity held by the Investment Institutions.</font></p></td><td colspan="2" style="vertical-align:middle;width:11.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Compliant</font></p></td></tr><tr style="height:11.35pt;"><td rowspan="2" style="vertical-align:middle;width:15.01%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.37pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Those agreements that meet the following requirements at the same time can be retained.</font></p></td><td style="vertical-align:middle;width:22.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">The Issuer is not a party to the VAM agreement.</font></p></td><td style="vertical-align:middle;width:50.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">The subject of duty of share repurchase is the controlling shareholder AXT, the Issuer is not obliged to repurchase the shares held by the Investment Institutions in the Company, and the Issuer is not a party to the VAM arrangements.</font></p></td><td colspan="2" style="vertical-align:middle;width:11.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Compliant</font></p></td></tr><tr style="height:11.35pt;"><td style="display:none;vertical-align:middle;width:15.01%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.37pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:22.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">There is no agreement in the VAM Agreement that may lead to changes in the company</font><font style="font-size:12pt;">&#8217;</font><font style="font-size:10.5pt;">s control</font></p></td><td style="vertical-align:middle;width:50.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">The issuer has no actual controller, and AXT is the controlling shareholder of the issuer. If the repurchase conditions are triggered, AXT will repurchase the relevant shares from the Investment Institution, and its shareholding ratio will further increase, which will not lead to changes in the Issuer</font><font style="font-size:12pt;">&#8217;</font><font style="font-size:10.5pt;">s control.</font></p></td><td colspan="2" style="vertical-align:middle;width:11.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Compliant</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">356</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="padding-left:0.05pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:11.35pt;"><td rowspan="2" style="vertical-align:middle;width:15.06%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 3.37pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:22.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">VAM agreements are not linked to market value.</font></p></td><td style="vertical-align:middle;width:50.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">VAM repurchase agreements do not involve market capitalization-linked terms.</font></p></td><td style="vertical-align:middle;width:11.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Compliant</font></p></td></tr><tr style="height:11.35pt;"><td style="display:none;vertical-align:middle;width:15.06%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.37pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:22.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">The VAM Agreement does not have any circumstances that seriously affect the Issuer</font><font style="font-size:12pt;">&#8217;</font><font style="font-size:10.5pt;">s ability to continue as a going concern or otherwise seriously affect the rights and interests of investors.</font></p></td><td style="vertical-align:middle;width:50.69%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 5pt 0pt 5pt;"><font style="font-size:10.5pt;">The Issuer is not a party to the VAM arrangement, and the relevant VAM agreement and arrangements does not have any circumstances that seriously affect the Issuer</font><font style="font-size:12pt;">&#8217;</font><font style="font-size:10.5pt;">s ability to continue as a going concern or otherwise seriously affect the rights and interests of investors.</font></p></td><td style="vertical-align:middle;width:11.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Compliant</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the currently valid VAM Agreement between the Investment Institutions and AXT complies with the relevant requirements of Article 10 of the Questions and Answers on the Review of the Offering and Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (II).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The Sponsor and Issuer&#8217;s Attorney are required to verify the above and to render explicit opinions in accordance with the relevant provisions of the VAM agreement.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Sponsor and the Issuer&#8217;s Attorney has carried out the following verification procedures with respect to the aforesaid issues:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Check the Capital Increase Agreement and its Supplementary Agreement signed by the Investment Institution, the Issuer and AXT, check the explanations and confirmations of the Investment Institutions and AXT, and check the specific contents of the special rights clause of the VAM Agreement;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Retrieve the relevant laws and regulations and exchange rules of the special rights clauses in the VAM Agreement, and check whether the VAM Agreement with a time limit to restore its validity meets the requirements of the relevant rules.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">357</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon verification, the Sponsor and the Issuer&#8217;s Attorney believes that the agreement on the VAM clause with a time limit to restore its validity between the Investment Institutions and AXT has been terminated. The currently valid VAM Agreement complies with the relevant provisions of Article 10 of the Questions and Answers on the Review of the Offering and Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (II).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:16pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">358</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:16pt;font-weight:bold;">Overall Opinions of the Sponsor</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The sponsor has checked the Issuer&#8217;s replies (including supplementary disclosures and explanations) in this Reply, and confirmed and guaranteed that they are true, complete and accurate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">359</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(Stamp page of Beijing Tongmei Xtal Technology Co., Ltd. to the Reply to Audit Inquiry Letter on Application for Initial Public Offering and STAR Market Listing of Shares by Beijing Tongmei Xtal Technology Co., Ltd.)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Beijing Tongmei Xtal Technology Co., Ltd.</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Date: April 7, 2022</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:16pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">360</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:16pt;font-weight:bold;">Statement of the Issuer&#8217;s Chairman</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:16pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">I have carefully read the entire reply to the inquiry letter for Beijing Tongmei Xtal Technology Co., Ltd. in this audit, and hereby confirm that the reply contains no false records, misleading statements or major omissions, and I assume corresponding legal responsibility for the authenticity, accuracy, completeness and timeliness of the reply.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Chairman (Signature): &#160;MORRIS SHEN-SHIH YOUNG</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:12pt;">Beijing Tongmei Xtal Technology Co., Ltd.</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="font-size:12pt;">Date: April 7, 2022</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">361</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">(Signature and stamp page of Haitong Securities Co., Ltd. to the Reply to Audit Inquiry Letter on Application for Initial Public Offering and STAR Market Listing of Shares by Beijing Tongmei Xtal Technology Co., Ltd.)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:45.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:45.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 24pt;">Sponsor&#8217;s Representative (Signature):</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:45.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ZHONG Zhuke&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;WU Ting</p></td></tr><tr><td style="vertical-align:bottom;width:45.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:45.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 24pt;">Sponsor&#8217;s Chairman (Signature):</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:45.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ZHOU Jie</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="2" style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:53.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Haitong Securities Co., Ltd.</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:53.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:53.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:53.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Date: April 7, 2022</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:16pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">362</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:16pt;font-weight:bold;">Statement</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:16pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">I have carefully read the entire reply to the inquiry letter for Beijing Tongmei Xtal Technology Co., Ltd. in this audit; understand the verification process of the issues involved in the reply, the company&#8217;s core and risk control process, and confirm that the company has performed the verification procedures in due diligence, and that the reply contains no false records, misleading statements or major omissions, and I assume corresponding legal responsibility for the authenticity, accuracy, completeness and timeliness of the reply.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Sponsor&#8217;s Chairman (Signature):</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 165pt;"><font style="font-size:12pt;">ZHOU Jie</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">Haitong Securities Co., Ltd.</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">Date: April 7, 2022</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><font style="font-size:11pt;">8-1-1-</font><font style="font-size:11pt;">363</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
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<DOCUMENT>
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.14.0.96--><!--Created on: 4/18/2022 07:39:47 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 99.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;"><img src="axti-20220418xex99d2001.jpg" alt="Graphic" style="display:inline-block;height:57.75pt;left:0%;padding-bottom:0.75pt;position:relative;top:0pt;width:126.75pt;"></b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;"><img src="axti-20220418xex99d2002.jpg" alt="Graphic" style="display:inline-block;height:114.25pt;width:169.95pt;"></b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">The Supplementary Legal Opinion (I) of King &amp; Wood Mallesons on Initial Public Offering and Listing of Beijing Tongmei Xtal Technology Co., Ltd. on the Science and Innovation Board</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 16pt 0pt;"><b style="font-weight:bold;">To: Beijing Tongmei Xtal Technology Co., Ltd.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 16pt 0pt;">King &amp; Wood Mallesons (hereinafter referred to as We/Us) is entrusted by Beijing Tongmei Xtal Technology Co., Ltd. (hereinafter referred to as the &#8220;Issuer&#8221;) to be the Specialized Legal Adviser for the Initial Public Offering and Listing on the Science and Innovation Board of the Issuer (hereinafter referred to as the &#8220;Offering and Listing&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 16pt 0pt;">The Legal Opinion of King &amp; Wood Mallesons on Initial Public Offering and Listing of Beijing Tongmei Xtal Technology Co., Ltd. on the Science and Innovation Board (hereinafter referred to as the &#8220;Legal Opinion&#8221;) and the Lawyer&#8217;s Work Report of King &amp; Wood Mallesons on Initial Public Offering and Listing of Beijing Tongmei Xtal Technology Co., Ltd. on the Science and Innovation Board have been issued on December 25, 2021 regarding the offering and listing matters, according to the Securities Law of the People&#8217;s Republic of China (hereinafter referred to as the &#8220;Securities Law&#8221;), the Company Law of the People&#8217;s Republic of China (hereinafter referred to as the &#8220;Company Law&#8221;), the Administrative Measures for the</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-1</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 16pt 0pt;">Registration of Initial Public Offering of Shares on the Science and Innovation Board (Trial) (hereinafter referred to as the &#8220;Administrative Measures for the Registration of Initial Public Offering&#8221;), the Administrative Measures for Securities Legal Business of Law Firms (hereinafter referred to as the &#8220;Administrative Measures for Securities Legal Business&#8221;), the Practical Rules for Securities Legal Business of Law Firms (Trial) (hereinafter referred to as the &#8220;Practical Rules of Securities Legal Business&#8221;), No. 12 Rules for the Preparation and Reporting of Information Disclosure by Public Securities Companies- Legal Opinions and Lawyers&#39; Work Report on Public Securities Issuance (hereinafter referred to as &#8220;No. 12 Rules for the Preparation and Reporting&#8221;), Guidelines for the Application of Regulatory Rules- Law No. 2: Detailed Practical Rules of Law Firms Engaged in the Legal Business of Initial Public Offering and Listing (hereinafter referred to as the &#8220;Detailed Practical Rules of Initial Legal Business&#8221;) and other existing effective laws, administrative rules, regulations and normative documents in the People&#8217;s Republic of China (hereinafter referred to as &#8220;China&#8221;), (for the purpose of the Supplementary Legal Opinion, excluding Hongkong Special Administrative Region, Macao Special Administrative Region and Taiwan Region), and the relevant provisions of China Securities Regulatory Commission (hereinafter referred to as the &#8220;CSRC&#8221;), and based on the business standards, moral rules and diligent diligence spirit recognized by the practice of law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 16pt 0pt;">The handling lawyers of us have reviewed the relevant legal matters according to the requirements of SZKS (Review) [2022] No. 66 - the Inquiry Letter on the First Round Examination of the Application Documents of Beijing Tongmei Xtal Technology Co., Ltd. for Initial Public Offering and Listing on the Science and Innovation Board (hereinafter referred to as the &#8220;Inquiry Letter&#8221;) issued by Shanghai Stock Exchange on February 9, 2022; meanwhile, whereas, Ernst &amp; Young was entrusted by the Issuer to review the financial and accounting statements of the Issuer until December 31, 2021, and issued Ernst &amp; Young Hua Ming (2022) Shen Zi No. 61641535_B01 Audit Report on Beijing Tongmei Xtal Technology Co., Ltd. (hereinafter referred to as the &#8220;Updated Audit Report&#8221;) as well as Ernst &amp; Young Hua Ming (2022) Zhuan Zi No. 61641535_B03 Internal Control Audit Report on Beijing Tongmei Xtal</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-2</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 16pt 0pt;">Technology Co., Ltd. (hereinafter referred to as the &#8220;Updated Internal Control Report&#8221;) respectively on March 15, 2022, the handling lawyers of the King &amp; Wood Mallesons supplemented the audit of legal matters involved in the relevant changes of the Offering and Listing of the Issuer for the period from the relevant deadline of the Period from July 1, 2021 to December 31, 2021 (hereinafter referred to as the &#8220;Period&#8221; ) or the Legal Opinion to the relevant deadline of the Supplementary Legal Opinion, and issued the Supplementary Legal Opinion, and updated the Lawyer&#8217;s Work Report of us on Initial Public Offering and Listing of Beijing Tongmei Xtal Technology Co., Ltd. on the Science and Innovation Board (hereinafter referred to as the &#8220;Lawyer&#8217;s Work Report&#8221;). The &#8220;Reporting Period&#8221; mentioned in the Supplementary Legal Opinion refers to 2019, 2020 and 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 16pt 0pt;">The Supplementary Legal Opinion forms an integral part of the Legal Opinion and Lawyer&#8217;s Work Report issued by us. The premises, assumptions and definitions of relevant terms in the Legal Opinion and Lawyer&#8217;s Work Report of us are also applicable to the Supplementary Legal Opinion. The relevant interpretations or abbreviations of the Legal Opinion and the Lawyer&#8217;s Work Report shall also apply to the Supplementary Legal Opinion unless otherwise specified. For matters specially described in the Supplementary Legal Opinion, the description herein shall prevail.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 16pt 0pt;">We only expresses opinions on legal issues related to the Offering and Listing of the Issuer, and does not express opinions on non-legal professional matters, such as accounting, audit and asset evaluation in the Supplementary Legal Opinion. We only expresses opinions according to the current effective laws and regulations in China, and does not express opinions according to any laws outside China. We do not express opinions on non-legal professional matters, such as accounting, audit and asset evaluation and overseas legal matters. When quoting some data and conclusions of relevant Accounting Reports, Audit Report, Asset Evaluation Report and Overseas Legal Opinions in the Supplementary Legal Opinion, we have fulfilled the necessary duty of care, but such quoting is not regarded as any express or implied guarantee of us for the</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-3</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 16pt 0pt;">authenticity and accuracy of the conclusion on these data, since we are not qualified for verifying and evaluating such data.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 16pt 0pt;">The Supplementary Legal Opinion is only used by the Issuer for the purpose of the Offering and Listing, and shall not be used for any other purpose. We agree to take the Supplementary Legal Opinion as the necessary legal document for the Application for the Offering and Listing of Issuer, submit it to Shanghai Stock Exchange and the CSRC together with other Application materials for review, and bear corresponding legal liabilities for the Supplementary Legal Opinion issued according to the law. We agree that the Issuer shall quote the relevant contents of the Supplementary Legal Opinion in the relevant documents prepared for the Offering and Listing by itself or according to the review requirements of the CSRC and Shanghai Stock Exchange, but the Issuer shall not cause legal ambiguity or misinterpretation due to the quotation. We have the right to review and confirm the contents of the above relevant documents again.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 16pt 0pt;">According to the business standards, ethics and the spirit of diligence recognized by the practice of law, we have verified the issues related to the lawyer of the Issuer in the Inquiry Letter and the updated related to the Offering and Listing of the Issuer, and now issue the Supplementary Legal Opinion as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-4</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Table of Contents</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;"><b style="font-weight:bold;">Part I Reply to the Inquiry Letter</b></p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;"><b style="font-weight:bold;">7</b></p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">I. Question 1 of the Inquiry Letter: About Asset Restructuring</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">7</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">II. Question 2 of the Inquiry Letter: About Independence</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">11</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">III. Question 6 of Inquiry Letter: About Historical Evolution</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">23</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">IV. Question 19 of the Inquiry Letter: About Spin Off Listing</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">38</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">V. Question 20 of the Inquiry Letter: Other Questions</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">44</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;"><b style="font-weight:bold;">Part II Update of the Issuer&#8217;s Information Related to the Offering and Listing</b></p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;"><b style="font-weight:bold;">50</b></p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">I. Approval and Authorization of the Offering and Listing</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">50</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">II. Subject Qualification of the Offering and Listing</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">50</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">III. Substantive Conditions for the Offering and Listing</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">51</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">IV. Independence of the Issuer and Its Changes</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">56</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">V. Changes in Sponsors and Shareholders</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">56</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">VI. Share Capital of the Issuer and its Evolution</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">63</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">VII. Business of the Issuer</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">63</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">VIII. Related Party Transactions and Horizontal Competition and Their Changes</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">67</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">IX. Main Properties of the Issuer and Their Changes</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">73</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">X. Significant Changes in the Debt of the Issuer</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">80</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">XI. Significant Asset Changes and Mergers and Acquisitions of the Issuer</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">82</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">XII. Amendment to the Articles of Association of the Issuer</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">82</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">XIII. Rules of Procedure and Regulated Operation of the General Meeting of Shareholders, the Board of Directors and the Board of Supervisors of the Issuer</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">82</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">XIV. Directors, Supervisors, Senior Managers and Core Technicians of the Issuer and Their Changes</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">84</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">XV. Tax of the Issuer and its Changes</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">89</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">XVI. Environmental Protection, Product Quality, Technology and Other Standards of the Issuer</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">95</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">XVII. Labor and Social Security of the Issuer</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">96</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">XVIII. Application of Offering Proceeds by the Issuer</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">97</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">XIX. Litigation, Arbitration or Administrative Punishment</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">98</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">XX. Evaluation of the Legal Risk of the Issuer&#8217;s Prospectus</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">100</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">XXI. Other Issues to be Explained by the Attorney</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">100</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">XXII. General Concluding Comments on the Offering and Listing</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">101</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-5</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">Annex I: New Land Use Right of the Issuer and Its Holding Subsidiaries Obtained the Ownership Certificate</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">103</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">Annex II: New Trademarks of the Issuer and Its Holding Subsidiaries</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">104</p></td></tr><tr><td style="vertical-align:top;width:96.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 5pt 0pt;">Annex III: New Patents of the Issuer and Its Holding Subsidiaries</p></td><td style="vertical-align:top;width:3.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 5pt 0pt;">106</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-6</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Part I Reply to the Inquiry Letter</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">I. Question 1 of the Inquiry Letter: About Asset Restructuring</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">According to the submissions, 1) in December 2020, with a view to combine business resources and settle the issue of horizontal competition, AXT and relevant shareholders added investment in the Issuer with 100% equities of Beijing Boyu, Baoding Tongmei, Chaoyang Tongmei, Nanjing Jinmei and Chaoyang Jinmei, which become the subsidiaries wholly owned by the Issuer after the capital increase; 2) the price of capital increase by AXT and relevant shareholders this time through restructuring is RMB1.36 per unit of registered capital, and the price of equity transfer and capital increase by the Issuer in January 2021 was RMB5.03/registered capital; 3) the Issuer was reissued Business License on December 29, 2020. Ernst &amp; Young Hua Ming issued Capital Verification Report on January 28, 2021, confirming that the newly added registered capitals paid by investors have been received; 4) AXT is a NASDAQ listed company subject to accounting standard of US-GAAP, and the accounting standard implemented by the Issuer in this declaration is Chinese accounting standard; 5) in this asset restructuring, the Issuer believes that the ratios of total assets and business incomes of acquired entity and the Issuer were 91.94% and 33.41% respectively in 2019.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Issuer is required to explain: (1) the transaction pricing method of the Company and acquired entities in this asset restructuring, evaluation of main parameters and fairness, the reason and reasonableness of large difference between the value estimated at this asset restructuring of the Company and the value estimated in January 2021 when the third party adds investment; (2) the time when the equities of five subsidiaries such as Beijing Boyu were transferred and included in consolidated statement, and the time when this asset restructuring was completed; (3) the main operating business, operation status, main financial data and applicable accounting standards of parent company and acquired entity during reporting period, calculation procedure of comparison of relevant financial indexes, and whether standard application is consistent; (4) business positioning and work division, specific products and mutual relation between the Company and its subsidiaries after asset restructuring; (5) the integration measures adopted by the Company in assets, business and personnel, and their effect, the measures and effect of controlling each subsidiary, and whether there is any risk of influencing stability of main operating business of the Company and effective control of subsidiaries.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-7</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Sponsor and Reporting Accountant are requested to explain the verification procedure performed for the valuation report of the Issuer and acquired entity in this asset restructuring, and give express opinions on fairness of transaction price.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Sponsor and Issuer&#8217;s Attorney are requested to give express opinions on whether or not the Issuer meets relevant rules based on the time of completion of this asset restructuring and comparison of relevant financial indexes.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(I) Whether the Issuer meets the requirements of relevant rules</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:21pt;text-align:justify;text-indent:-21pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>Completion time of the asset restructuring</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to its industrial and commercial registration materials, the restructured party (acquired entity) involves following dates during procedure of this asset restructuring:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:99.98%;"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:25.84%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:14.84%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:14.83%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:14.83%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:14.83%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:14.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:25.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Items</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:14.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Chaoyang Tongmei</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:14.83%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Baoding Tongmei</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:14.83%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Nanjing Jinmei</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:14.83%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Chaoyang Jinmei</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:14.79%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Beijing Boyu</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:25.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Date of Equity Transfer Agreement</p></td><td style="vertical-align:middle;white-space:normal;width:14.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;white-space:normal;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;white-space:normal;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;white-space:normal;width:14.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 29, 2020</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:25.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Date of resolutions of general meeting/board meeting</p></td><td style="vertical-align:middle;white-space:normal;width:14.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;white-space:normal;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;white-space:normal;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;white-space:normal;width:14.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 29, 2020</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:25.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Date of modification of articles of association</p></td><td style="vertical-align:middle;white-space:normal;width:14.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;white-space:normal;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;white-space:normal;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;white-space:normal;width:14.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 29, 2020</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:25.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Date of industrial and commercial modification</p></td><td style="vertical-align:middle;white-space:normal;width:14.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">31 Dec. 2020</p></td><td style="vertical-align:middle;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">January 12, 2021</p></td><td style="vertical-align:middle;white-space:normal;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 30, 2020</p></td><td style="vertical-align:middle;white-space:normal;width:14.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">31 Dec. 2020</p></td><td style="vertical-align:middle;white-space:normal;width:14.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 30, 2020</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to Capital Increase Agreement signed by restructuring party (Tongmei Limited) and original shareholders of restructured party (acquired entity), acquiring new equities of restructuring party by original shareholders of restructured party is subject to registration of industrial and commercial change and issuance of business license. Tongmei Limited completed industrial and commercial change for this asset restructuring and was reissued the new business license on December 29, 2020, therefore, original shareholders of restructured party acquired the new equities of restructuring party on December 29, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-8</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">In light of the provisions of Accounting Standards for Enterprises No.20 - Business Combination, the standards for judging the control of which restructuring party (Tongmei Limited) has over restructured party (acquired entity) and the actual circumstance is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:8.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:38.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Conditions of realizing control</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">transfer</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:52.88%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Actual circumstance of control transfer</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:38.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">The contract or agreement of business combination has been adopted in the general meeting</p></td><td style="vertical-align:middle;width:52.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">The equity transfer agreement has been adopted in the meetings of board of directors or general meetings of the parties on December 25 or December 29, 2020.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:38.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">The business combination has been approved by competent authority of the state (if necessary)</p></td><td style="vertical-align:middle;width:52.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">It is unnecessary for this asset restructuring to be approved by the competent authority of the state.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:38.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">The parties participating in the combination have completed necessary formalities of transfer of property rights</p></td><td style="vertical-align:middle;width:52.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">The equity transfer agreement has been executed on December 25 or December 29, 2020, and the parties confirm that closing of relevant equities has been completed on the execution date of the agreement.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:38.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">The combining or acquiring party has paid most of the combination price (usually more than 50%), and has capacity and plan to pay the remaining price</p></td><td style="vertical-align:middle;width:52.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On December 29, 2020, original shareholders of restructured party acquired new equities of Tongmei Limited (consideration of restructuring), indicating that the restructuring party has paid all consideration of restructuring.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:38.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">The combining or acquiring party has controlled the finance and business policies of the combined or acquired party, having corresponding benefits and assuming corresponding risks.</p></td><td style="vertical-align:middle;width:52.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">As at December 29, 2020, the restructuring party has controlled the finance and business policies of the restructured party, having shareholders&#8217; rights and benefits, and assuming shareholders&#8217; obligations and relevant risks.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As mentioned in aforesaid form, as at December 29, 2020, the control over restructured party (acquired entity) has been transferred to the Issuer, so it is deemed that this asset restructuring has been completed on December 29, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:21pt;text-align:justify;text-indent:-21pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>Comparison of relevant financial indicators</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 2.04pt 0pt;">According to the Financial Statements of the Reorganizer (Tongmei Xtal) and the Reorganized Party (Acquired Subject) provided by the Issuer during the Reporting Period, and through the interview of our lawyers with the CFO of the Issuer, the calculation process of the comparison of relevant financial indicators of all parties in this asset reorganization is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-9</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;text-indent:24pt;margin:0pt;">In RMB0&#8217;000</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:31.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Entity/Item</b></p></td><td style="vertical-align:middle;white-space:normal;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total assets at end</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">of 2019</b></p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Operation revenue</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">in 2019</b></p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total profits of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:31.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Tongmei A</p></td><td style="vertical-align:middle;white-space:normal;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">80,072.95</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">35,728.47</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">-1,507.98</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:31.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei B</p></td><td style="vertical-align:middle;white-space:normal;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">28,635.15</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">1,953.43</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">-2,902.24</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:31.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Tongmei C</p></td><td style="vertical-align:middle;white-space:normal;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">24,219.28</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">2,470.16</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">-1,457.28</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:31.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Jinmei D</p></td><td style="vertical-align:middle;white-space:normal;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">7,005.23</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">1,095.62</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">360.31</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:31.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Nanjing Jinmei E</p></td><td style="vertical-align:middle;white-space:normal;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">9,340.66</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">5,781.28</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">942.58</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:31.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Boyu F</p></td><td style="vertical-align:middle;white-space:normal;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">12,659.92</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">9,492.30</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">1,541.82</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Offsetting Transactions with Reorganizer G </p></td><td style="vertical-align:middle;white-space:normal;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">-8,238.45</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">-8,856.82</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">-881.63</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Total amount of acquired entity H(=B+C+D+E+F+G)</p></td><td style="vertical-align:middle;white-space:normal;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">73,621.79</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">11,935.97</p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">-2,396.44</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:31.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion (=H/A)</b></p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">91.94%</b></p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">33.41%</b></p></td><td style="vertical-align:middle;width:22.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">N/A</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In accordance with the provisions of &#8220;Opinions on Application of Article 12 (No material change happens on main operating business of the Issuer in recent 3 years) of The Measures for the Administration of Initial Public Offering and Listing of Stocks - Opinions No. 3 on Application of Securities and Futures Laws&#8221; (hereinafter &#8220;Opinions No. 3&#8221;), If the Issuer restructures the same, similar or relevant businesses under the same corporate controlling person during the reporting period, and the total assets of the restructured party at the end of the accounting year immediately preceding the restructuring or its operating income or total profits of preceding accounting year are not less than 100% of corresponding item of the Issuer prior to restructuring, the Issuer cannot apply for public offering until it has operated for an accounting year after restructuring so that investors can know the overall operation after restructuring. If there is any related transaction between the restructured party and the Issuer in the accounting year prior to the restructuring, the total assets, operating income or total profits shall be calculated based on the standard after deducting such transaction.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As showed in aforesaid form, the total assets at end of 2019, the operating income and total profits of the restructured party in 2019 were less than corresponding items of the Issuer, so it does not fall in the circumstance stipulated by Opinions No. 3 where the application can only be made after operating for a full accounting year after restructuring; the time of completing this asset restructuring and comparison of relevant financial indexes comply with relevant laws and statutes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-10</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(II) Verification procedures and opinions</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Our Attorney has carried out the following verification procedures with respect to the aforesaid issues:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. Checking resolutions of general meetings and the board meetings, articles of association, equity transfer agreement, capital increase agreement, industrial &amp; commercial registration materials and the new business license after change, consulting relevant provisions of Guide on Application of Accounting Standards for Business Enterprises No. 20 - Business Combinations, and checking the time of completion of this asset restructuring;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. Checking financial statements of the restructuring party (Tongmei Limited) and the restructured party (acquired entities) within the reporting period offered by the Issuer, calculating the proportions of the total assets of the restructured party at the end of accounting year immediately preceding restructuring or the business income or total profits in the preceding accounting year to corresponding items of the Issuer prior to restructuring, and checking if complying with relevant laws and statutes such as Opinions No. 3.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Upon verification, we believe that the time of completing this asset restructuring is December 29, 2020; the total assets of the restructured party at end of 2019, and its business income and total profits for the year of 2019, are less than corresponding items of the Issuer, not falling in the circumstance stipulated by Opinions No. 3 where the application for public offering can only be made after operating for a full accounting year after restructuring; the time of completing this asset restructuring and comparison of relevant financial indexes comply with relevant laws and statutes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">II. Question 2 of the Inquiry Letter: About Independence</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">According to the submissions, 1) In November 2021, the Issuer signed a technology license agreement and a trademark license agreement with AXT, in which AXT granted its own intellectual property rights, authorized patents and pending patents to the Issuer and its holding subsidiaries, and granted a trademark license to the Issuer and its subsidiaries; 2) The Issuer owns 42 domestic invention patents, four (4) of which are jointly owned by the Issuer and AXT. The jointly owned patents are of great importance to the production and operation of the Issuer. No agreement or other arrangements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-11</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">between the Issuer and AXT have been signed in respect of the four (4) jointly owned patents, which the Issuer may use independently under the Patent Act.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Issuer is required to explain: (1) whether the intellectual property rights such as patents, technologies and trademarks necessary for the Company&#8217;s production and operation have been transferred or authorized to the Company; (2) AXT has already no actual business, the reason for taking the licensing mode rather than transfer and the fairness of the license fee; (3) For the jointly owned patents, whether there are currently arrangements for licensing to third parties in the use and planning of AXT.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Issuer&#8217;s Attorney shall check Q (1) and give a clear opinion.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(I) Whether patents, technologies, trademarks and other intellectual property rights necessary for the Company&#8217;s production and operation have been transferred or authorized to the Company</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:21pt;text-align:justify;text-indent:-21pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>Transfer or authorization of patent and technology</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 2.04pt 0pt;">According to the List of Patent and Description Confirmation provided by AXT, as well as the Patent Verification Opinions issued by Clements Bernard Walker PLLC, Studio Torta S.p.A, RYUKA IP LAW FIRM, YOU ME PATENT &amp; LAW FIRM, Norton Rose Fuibright Canada LLP, and Tsai, Lee &amp; Chen&#8217;s International Trademark and Patent Office, and through the retrieval query on the China and Global Patent Examination Information Inquiry (Website: ), as of February 28, 2022, the authorized patents held by AXT and its subsidiaries except the Issuer are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:24.75pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:5.28%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:35.53%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent Name</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.64%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patentee</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:10.65%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Country/</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Regions</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:23.75%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Application/Patent No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.13%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Application Field</b></p></th></tr><tr style="height:27.6pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:35.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#48152;&#46020;&#52404;&#44208;&#51221;&#46308;&#51012;</font> <font style="font-family:'SimSun';">&#44053;&#49457;</font> <font style="font-family:'SimSun';">&#51648;&#51648;&#47932;&#47196;</font> <font style="font-family:'SimSun';">&#53444;&#49548;&#46020;&#54609;&#44284;</font> <font style="font-family:'SimSun';">&#51200;&#54637;&#47456;&#51228;&#50612;</font> <font style="font-family:'SimSun';">&#48143;</font> <font style="font-family:'SimSun';">&#50676;&#44221;&#49324;&#46020;&#51228;&#50612;&#50640;</font> <font style="font-family:'SimSun';">&#51032;&#54644;</font> <font style="font-family:'SimSun';">&#49457;&#51109;&#49884;&#53412;&#44592;</font> <font style="font-family:'SimSun';">&#50948;&#54620;</font> <font style="font-family:'SimSun';">&#48169;&#48277;</font> <font style="font-family:'SimSun';">&#48143;</font> <font style="font-family:'SimSun';">&#51109;&#52824;</font></p></td><td style="vertical-align:middle;width:11.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">10-0966182</p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-12</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:27pt;"><td style="vertical-align:middle;width:5.28%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:35.54%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent Name</b></p></td><td style="vertical-align:middle;width:11.63%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patentee</b></p></td><td style="vertical-align:middle;width:10.65%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Country/</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Regions</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Application/Patent No.</b></p></td><td style="vertical-align:middle;width:13.13%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Application Field</b></p></td></tr><tr style="height:27pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:35.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#28845;&#32032;&#12489;&#12540;&#12500;&#12531;&#12464;</font>&#12289;<font style="font-family:'SimSun';">&#25269;&#25239;&#29575;&#21046;&#24481;</font>&#12289;<font style="font-family:'SimSun';">&#28201;&#24230;&#21246;&#37197;&#21046;&#24481;&#12434;&#20276;&#12358;</font>&#12289;<font style="font-family:'SimSun';">&#21083;&#24615;&#12469;&#12509;&#12540;&#12488;&#12434;&#20633;&#12360;&#12427;&#21322;&#23566;&#20307;&#32080;&#26230;&#12434;&#25104;&#38263;&#12373;&#12379;&#12427;&#12383;&#12417;&#12398;&#26041;&#27861;&#12362;&#12424;&#12403;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4324467</p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:36pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:35.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">METHOD AND APPARATUS FOR GROWING SEMICONDUCTOR CRYSTALS WITH A RIGID SUPPORT WITH CARBON DOPING AND RESISTIVITY CONTROL AND THERMAL GRADIENT CONTROL</p></td><td style="vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Canada</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">CA 2452542</p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:28.2pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:35.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#28845;&#32032;&#12489;&#12540;&#12500;&#12531;&#12464;</font>&#12289;<font style="font-family:'SimSun';">&#25269;&#25239;&#29575;&#21046;&#24481;</font>&#12289;<font style="font-family:'SimSun';">&#28201;&#24230;&#21246;&#37197;&#21046;&#24481;&#12434;&#20276;&#12358;</font>&#12289;<font style="font-family:'SimSun';">&#21083;&#24615;&#12469;&#12509;&#12540;&#12488;&#12434;&#20633;&#12360;&#12427;&#21322;&#23566;&#20307;&#32080;&#26230;&#12434;&#25104;&#38263;&#12373;&#12379;&#12427;&#12383;&#12417;&#12398;&#26041;&#27861;&#12362;&#12424;&#12403;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5005651</p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:39.6pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:35.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">METHOD AND APPARATUS FOR GROWING SEMICONDUCTOR CRYSTALS WITH A RIGID SUPPORT WITH CARBON DOPING AND RESISTIVITY CONTROL AND THERMAL GRADIENT CONTROL</p></td><td style="vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The United States</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">US 6,896,729 B2</p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:17.4pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;width:35.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">LOW ETCH PIT DENSITY (EPD) SEMI-INSULATING III-V WAFERS</p></td><td style="vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The United States</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">US 8,361,225 B2</p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:18pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;width:35.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">LOW ETCH PIT DENSITY (EPD) SEMI-INSULATING GAAS WAFERS</p></td><td style="vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The United States</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">US 7,566,641 B2</p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:17.4pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;width:35.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#12460;&#12522;&#12454;&#12512;&#12505;&#12540;&#12473;&#26448;&#26009;&#21450;&#12403;&#31532;</font>&#65321;&#65321;&#65321;<font style="font-family:'SimSun';">&#26063;&#12505;&#12540;&#12473;&#26448;&#26009;&#12398;&#35069;&#36896;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">6008144</p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Polycrystal synthesis</p></td></tr><tr style="height:26.4pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:35.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#21336;&#32080;&#26230;&#12466;&#12523;&#12510;&#12491;&#12454;&#12512;&#12398;&#32080;&#26230;&#25104;&#38263;&#12471;&#12473;&#12486;&#12512;</font>&#12289;<font style="font-family:'SimSun';">&#26041;&#27861;&#12362;&#12424;&#12403;&#22522;&#26495;</font></p></td><td style="vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5497053</p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:25.2pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">10</p></td><td style="vertical-align:middle;width:35.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">SYSTEMS, METHODS AND SOLUTIONS FOR CHEMICAL POLISHING OF GAAS WAFERS</p></td><td style="vertical-align:middle;width:11.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The United States</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">US 8,318,042 B2</p></td><td style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Polishing</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-13</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:30.6pt;"><td style="vertical-align:middle;width:5.28%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:30.77%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent Name</b></p></td><td style="vertical-align:middle;width:14.54%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patentee</b></p></td><td style="vertical-align:middle;width:10.65%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Country/</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Regions</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.76%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Application/Patent No.</b></p></td><td style="vertical-align:middle;width:14.97%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Application Field</b></p></td></tr><tr style="height:30.6pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">11</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">METHODS FOR MANUFACTURING MONOCRYSTALLINE GERMANIUM INGOTS/WAFERS HAVING LOW MICRO-PIT DENSITY (MPD)</p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Europe</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">EP2510138B1</p></td><td style="vertical-align:middle;width:14.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:28.2pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">12</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#12510;&#12452;&#12463;&#12525;&#12500;&#12483;&#12488;&#23494;&#24230;</font>&#65288;&#65325;&#65328;&#65316;&#65289;<font style="font-family:'SimSun';">&#12364;&#20302;&#12356;&#12466;&#12523;&#12510;&#12491;&#12454;&#12512;&#12398;&#12452;&#12531;&#12468;&#12483;&#12488;&#12434;&#35069;&#36896;&#12377;&#12427;&#26041;&#27861;</font>&#12289;<font style="font-family:'SimSun';">&#12362;&#12424;&#12403;&#12466;&#12523;&#12510;&#12491;&#12454;&#12512;&#32080;&#26230;&#12434;&#25104;&#38263;&#12373;&#12379;&#12427;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5671057</p></td><td style="vertical-align:middle;width:14.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth<br>furnace manufacturing</p></td></tr><tr style="height:15pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">13</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">CRYSTAL GROWTH APPARATUS AND METHOD</p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The United States</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">US 8,231,727 B2</p></td><td style="vertical-align:middle;width:14.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth<br>furnace manufacturing</p></td></tr><tr style="height:30pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">14</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#24494;&#22353;&#23494;&#24230;</font>&#65288;&#65325;&#65328;&#65316;&#65289;<font style="font-family:'SimSun';">&#20302;&#20043;&#37754;&#37956;&#37664;</font>/<font style="font-family:'SimSun';">&#26230;&#22291;&#21450;&#29992;&#26044;&#20854;&#35069;&#36896;&#20043;&#31995;&#32113;&#21644;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Taiwan, the PRC</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">I 513865</p></td><td style="vertical-align:middle;width:14.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:27.6pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">15</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">SYSTEMS, METHODS AND SUBSTRATES OF MONOCRYSTALLINE GERMANIUM CRYSTAL GROWTH</p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The United States</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">US 8,506,706 B2</p></td><td style="vertical-align:middle;width:14.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:25.2pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">16</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">GERMANIUM INGOTS/WAFERS HAVING LOW MICRO-PIT DENSITY (MPD) AS WELL AS SYSTEMS AND METHODS FOR MANUFACTURING SAME</p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The United States</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">US 8,647,433 B2</p></td><td style="vertical-align:middle;width:14.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:25.2pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">17</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#28608;&#20809;&#21487;&#35843;&#33410;&#28145;&#24230;&#26631;&#35760;&#31995;&#32479;&#21644;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT, Issuer</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">P. R. China</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2008100006750</p></td><td style="vertical-align:middle;width:14.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Measurement</p></td></tr><tr style="height:25.2pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">18</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#21046;&#36896;&#20302;&#33104;&#34432;&#22353;&#23494;&#24230;&#21322;&#32477;&#32536;&#30775;&#21270;&#38227;&#26230;&#29255;&#30340;&#26041;&#27861;&#21450;&#20854;&#20135;&#21697;</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT, Issuer</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">P. R. China</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2008100009388</p></td><td style="vertical-align:middle;width:14.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:25.2pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">19</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#38167;&#26230;&#20307;&#29983;&#38271;&#30340;&#26041;&#27861;&#21644;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT, Issuer</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">P. R. China</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2008101770060</p></td><td style="vertical-align:middle;width:14.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:25.2pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">20</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#20855;&#26377;&#20302;&#24494;&#22353;&#23494;&#24230;</font>&#65288;MPD&#65289;<font style="font-family:'SimSun';">&#30340;&#38167;&#38189;</font>/<font style="font-family:'SimSun';">&#26230;&#22278;&#21644;&#20854;&#21046;&#36896;&#31995;&#32479;&#21450;&#26041;&#27861;</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT, Issuer</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">P. R. China</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2010800022161</p></td><td style="vertical-align:middle;width:14.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Single crystal growth</p></td></tr><tr style="height:28.15pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">21</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#38750;&#27700;&#31995;&#20108;&#27425;&#38651;&#27744;</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Tandie Technologies, LLC</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">JP5156826</p></td><td style="vertical-align:middle;width:14.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Battery related fields</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-14</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:28.15pt;"><td style="vertical-align:middle;width:5.28%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:32.63%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent Name</b></p></td><td style="vertical-align:middle;width:14.54%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patentee</b></p></td><td style="vertical-align:middle;width:10.65%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Country/</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Regions</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Application/Patent No.</b></p></td><td style="vertical-align:middle;width:13.13%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Application Field</b></p></td></tr><tr style="height:28.15pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">22</p></td><td style="vertical-align:middle;width:32.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#38750;&#27700;&#20108;&#27425;&#30005;&#27744;</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Tandie Technologies, LLC</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">P. R. China</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2009801146313</p></td><td rowspan="3" style="vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:28.15pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">23</p></td><td style="vertical-align:middle;width:32.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">NONAQUEOUS SECONDARY BATTERY</p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Tandie Technologies, LLC</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The United States</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">US8669010</p></td><td style="display:none;vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:28.15pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">24</p></td><td style="vertical-align:middle;width:32.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">NONAQUEOUS SECONDARY BATTERY</p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Tandie Technologies, LLC</p></td><td style="vertical-align:middle;width:10.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The United States</p></td><td style="vertical-align:middle;white-space:nowrap;width:23.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">US8431267</p></td><td style="display:none;vertical-align:middle;width:13.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On November 4, 2021, AXT signed a Technology License Agreement with the Company, stating that: AXT licenses all of its issued patents and pending patents and intellectual property rights (referring to trade secrets, contractual and licensing rights and other existing and/or future technology property rights, including updates and extensions thereof) to the Issuer and its controlling subsidiaries; The license covers the manufacture, use, sale, display, reproduction and distribution of gallium arsenide, indium phosphide and germanium crystals and substrate products worldwide; The license term is effective from January 1, 2021 and is valid forever.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In summary, all patents and technologies necessary for the Company&#8217;s production and operation have been transferred or authorized to the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:21pt;text-align:justify;text-indent:-21pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>Transfer or authorization of trademark</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">According to the list of trademarks and the confirmation of description provided by AXT, and the trademark verification opinions issued by Clements Bernard Walker PLLC, Studio Torta S.P.A, RYUKA IP LAW FIRM and Tsai, Lee &amp; Chen&#8217;s International Trademark and Patent Office, our lawyers have logged in to China Trademark Network (website: http://sbj.cnipa.gov.cn/sbcx/) for retrieval query, and checked the status of registered trademarks owned by AXT as of February 28, 2022 as follows.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:8.95%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:23.17%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trademark No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.12%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Country/region</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:24.76%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trademark</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.98%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Right Holder</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">G1097820</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">P. R. China</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2003.jpg" alt="ORI.JPG" style="display:inline-block;height:45pt;width:30pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1728076</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">P. R. China</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2004.jpg" alt="Graphic" style="display:inline-block;height:21.6pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:44.5pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-15</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:23.17%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trademark No.</b></p></td><td style="vertical-align:middle;width:21.12%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Country/region</b></p></td><td style="vertical-align:middle;width:24.76%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trademark</b></p></td><td style="vertical-align:middle;width:21.98%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Right Holder</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5536582</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">P. R. China</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2005.jpg" alt="Graphic" style="display:inline-block;height:51.6pt;width:37.75pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">01001812</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Taiwan, the PRC</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2006.jpg" alt="Graphic" style="display:inline-block;height:22.5pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:44.6pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">01543232</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Taiwan, the PRC</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2007.jpg" alt="Graphic" style="display:inline-block;height:43.4pt;left:0%;padding-bottom:0.6pt;position:relative;top:0pt;width:35.55pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">00964723</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Taiwan, the PRC</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2006.jpg" alt="Graphic" style="display:inline-block;height:22.8pt;width:45.15pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1097820</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2007.jpg" alt="Graphic" style="display:inline-block;height:43.4pt;left:0%;padding-bottom:0.6pt;position:relative;top:0pt;width:35.55pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4490456</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2010.jpg" alt="Graphic" style="display:inline-block;height:23.1pt;width:45.7pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4488361</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2011.jpg" alt="Graphic" style="display:inline-block;height:23.1pt;width:45.75pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">10</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1097820</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Norway</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2012.jpg" alt="Graphic" style="display:inline-block;height:39.8pt;left:0%;padding-bottom:0.2pt;position:relative;top:0pt;width:32.95pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">11</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2981244</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The United States</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2013.jpg" alt="Graphic" style="display:inline-block;height:21.5pt;width:42.6pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">12</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3725141</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The United States</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2014.jpg" alt="Graphic" style="display:inline-block;height:44.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:32.8pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">13</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1097820</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2012.jpg" alt="Graphic" style="display:inline-block;height:39.8pt;left:0%;padding-bottom:0.2pt;position:relative;top:0pt;width:32.95pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">14</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">526305</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2016.jpg" alt="Graphic" style="display:inline-block;height:23.2pt;left:0%;padding-bottom:0.8pt;position:relative;top:0pt;width:45.95pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">15</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">519696</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2017.jpg" alt="Graphic" style="display:inline-block;height:22.3pt;left:0%;padding-bottom:0.2pt;position:relative;top:0pt;width:44.15pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">16</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1097820</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Iceland</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2012.jpg" alt="Graphic" style="display:inline-block;height:39.8pt;left:0%;padding-bottom:0.2pt;position:relative;top:0pt;width:32.95pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">17</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">010346179</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">European Union</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2019.jpg" alt="Graphic" style="display:inline-block;height:43.35pt;left:0%;padding-bottom:0.65pt;position:relative;top:0pt;width:31.7pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-16</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:23.17%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trademark No.</b></p></td><td style="vertical-align:middle;width:21.12%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Country/region</b></p></td><td style="vertical-align:middle;width:24.76%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trademark</b></p></td><td style="vertical-align:middle;width:21.98%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Right Holder</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">18</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">UK00910346179</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Britain</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2020.jpg" alt="Graphic" style="display:inline-block;height:43pt;width:29pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">19</p></td><td style="vertical-align:middle;width:23.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1097820</p></td><td style="vertical-align:middle;width:21.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">International</p></td><td style="vertical-align:middle;width:24.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="axti-20220418xex99d2021.jpg" alt="Graphic" style="display:inline-block;height:37.1pt;left:0%;padding-bottom:0.4pt;position:relative;top:0pt;width:30.7pt;"></p></td><td style="vertical-align:middle;width:21.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the instructions of the Company, the instructions of AXT and the interview with Chairman of AXT and the General Manager of the Issuer by our lawyers, the Company is in the semiconductor material industry, whose business development does not rely heavily on trademarks, so the above trademarks are not necessary for the production and operation of the Company. As a holding subsidiary of AXT, the Company mainly uses relevant trademark patterns in daily management of enterprise, internal identification in plant and product packaging. In order to ensure the continuity of the Company&#8217;s business management and trademark use, the Company signed a Trademark License Agreement with AXT on November 4, 2021, which stipulates that: AXT will license the above trademarks to the Company and its subsidiaries for free as an integral part of the Company&#8217;s corporate name for the manufacture, marketing and sale of products; The license term begins on March 1, 2021 and is valid forever.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In summary, AXT has licensed the relevant registered trademarks owned by itself to the Company for free.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(II) Verification procedures and opinions</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Our Attorney has carried out the following verification procedures with respect to the aforesaid issues:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. Refer to the patent list and description confirmation provided by AXT, as well as the patent verification opinions issued by Clements Bernard Walker PLLC, Studio Torta S.p.A, RYUKA IP LAW FIRM, YOU ME PATENT &amp; LAW FIRM, Norton Rose Fuibright Canada LLP and Tsai, Lee &amp; Chen&#8217;s International Trademark and Patent Office, log in China and international patent examination information query system (http://cpquery.sipo.gov.cn/) for retrieval query, and check AXT&#8217;s authorized patents and their application fields.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. Refer to the Technology License Agreement signed by AXT and the Issuer and AXT&#8217;s description confirmation, interview the chairman of AXT and the general manager of the Issuer,</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-17</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">and verify that AXT has licensed its owned patent to the Issuer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">3. Refer to the list of trademarks and the confirmation of description provided by AXT, and the trademark verification opinions issued by Clements Bernard Walker PLLC, Studio Torta S.P.A, RYUKA IP LAW FIRM and Tsai, Lee &amp; Chen&#8217;s International Trademark and Patent Office, log in to China Trademark Network (website: http://sbj.cnipa.gov.cn/sbcx/) for retrieval query, and check the status of registered trademarks owned by AXT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">4. Refer to the Trademark License Agreement signed by AXT and the Issuer, and AXT&#8217;s description confirmation, interview the chairman of AXT and the general manager of the Issuer, and verify that AXT licenses its owned registered trademark to the Issuer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">After verification, we believe that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. All patents and technologies necessary for the Company&#8217;s production and operation have been transferred or authorized to the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. The Issuer belongs to the semiconductor material industry and does not have significant dependence on trademarks for business development; The relevant registered trademarks owned by AXT are not necessary trademarks for the Company&#8217;s production and operation, but in order to ensure the continuity of the Company&#8217;s business management and trademark use, AXT has licensed the relevant registered trademarks owned by itself free of charge to the Issuer for use.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.5</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Sponsor and Issuer&#8217;s Attorney shall specify whether the Issuer business is complete, whether the relevant sales, procurement, assets, personnel and technology are confused with the controlling shareholders and the companies they control and share in and whether the Issuer has verification procedures, evidences and conclusions performed for the independent ability to continue operations directly to the market, and give a clear opinion on whether the Issuer meets the requirements of the relevant rules for business integrity and independence.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(I) Basic information of the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-18</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the relevant materials, clarifications and confirmation letters provided by the Issuer and AXT, and through the interview with the chairmen of the Issuer and AXT by our Attorney, the relationship between the Issuer and its controlling shareholder AXT in terms of sales, procurement, assets, labor force, technology and so on, is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As regards sales and procurement, before March 2021, based on the unified arrangement within the Group, the Issuer sold semiconductor substrate material products and also purchased some main raw materials overseas through AXT. After March 2021, the business handover between AXT and AXT-Tongmei, a subsidiary of the Issuer, was completed whereupon AXT-Tongmei was independently responsible for overseas procurement and sales, while AXT no longer engaged in specific business after accomplishing the ongoing orders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As regards assets and technology, in addition to independent plants, equipment and sound production processes, the Issuer has formed patented and non-patented technologies during production and R&amp;D. In November 2021, the Company entered into a Technology License Agreement and a Trademark License Agreement with AXT, whereby it is agreed that AXT shall grant the Company and its controlled subsidiaries licenses to use AXT&#8217;s intellectual property rights, patents (whether issued or pending) and trademarks on a perpetual basis. In 2021, AXT-Tongmei, a subsidiary of the Company, rented real estate from AXT as office space against paying the corresponding rent, the real estate of which is only used by AXT-Tongmei for daily office work, without a material impact on the Company&#8217;s business and asset independence.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As regards labor force, since March 2021, AXT has handed over its business to AXT-Tongmei, with its relevant sales, procurement and R&amp;D teams having signed labor contracts with the latter, while only retaining some necessary personnel to be responsible for information disclosures, investor relations, finances and other related matters in the US capital market. The Issuer independently perform funtions such as procurement, sales, R&amp;D and management.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">To sum up, the Issuer maintains its business integrity, having no confusion with AXT and the companies controlled or invested by the latter in respects of relevant sales, procurement, assets, labor force and technology. The Issuer has the ability to directly conduct market-oriented operations as an independent going concern.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(II) The verification procedures performed and the verification evidences on whether the business of the Issuer is complete, whether the</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-19</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">relevant sales, procurement, assets, personnel and technology are confused with the controlling shareholders and the companies they control and share in, and whether the Issuer has the independent ability to continue operations directly to the market</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On whether the business of the Issuer is complete, whether the relevant sales, procurement, assets, personnel and technology are confused with the controlling shareholders and the companies they control and share in, and whether the Issuer has the independent ability to continue operations directly to the market, The verification procedures performed by our Attorney and the verification evidences obtained are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. Obtain the Issuer&#8217;s Audit Report, sales &amp; purchase details, R&amp;D investment details, equipment procurement details, fixed assets list, important fixed assets purchase contract and invoice, property ownership certificates such as certificate of real estate title and list &amp; certificates of intellectual property rights, register of employees, salary payment record, organization chart and job description, department post work standard and system and fund statements of the bank account, check the Issuer&#8217;s sales and procurement, setup of financial department and R&amp;D department and personnel composition,, understand the ownership and use of the Issuer&#8217;s assets, and check whether there is any ownership dispute in the important assets for the Issuer&#8217;s production and operation, whether these assets are occupied by the related party and whether the assets of the related party are used; judge whether the Issuer&#8217;s business is complete;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. Understand the industry policies, industry data and industry development of the industry to which the Issuer belongs, obtain the income of the main customers of the Issuer, obtain the main financial data of the major customers of the Issuer, and check whether there are significant adverse changes; Check whether there are major disputes or lawsuits over trademarks, patents, proprietary technologies and other important assets or technologies that have a significant impact on the business operation or revenue realization of the Issuer; whether there are other circumstances that significantly affect or impair the ability to continue operations;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">3. Obtain legal opinions on the controlling shareholder AXT, AXT information disclosure announcement documents, audit reports or financial statements, procurement and sales details, procurement and sales contracts, list of fixed assets, list of intellectual property rights, register</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-20</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">of employees and fund statements of bank accounts issued by the American Attorney;check the historical development, industry involved, main business, main products, main raw materials, production process, assets, personnel composition and other basic information of AXT and its controlled enterprises; determine whether AXT and the companies it controls horizontally compete with the Issuer with significant adverse effects, and determine whether the Issuer&#8217;s related sales, purchases, assets, personnel and technology are confused with the controlling shareholders and the companies they control and participate in;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">4. Refer to the transaction details of related sales and related purchase, related transactions contracts and transaction vouchers and trademarks &amp; technology license contracts of the Issuer in the Reporting Period, obtain the information note and interview record for related transaction issued by the related party of the Issuer, check the amount and proportion and change trend of related transactions between the Issuer and related parties, and background and authenticity of related transactions, and judge whether the Issuer has related transactions that seriously affect its independence and whether it has the ability to directly face the market and continue to operate independently;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">5. Obtain trademark and technology usage license agreement, fund lending contracts and vouchers signed by AXT and the Issuer; Check whether the Issuer has obtained necessary authorization to use the trademarks and technologies of related parties, and judge whether the production and operation of the Issuer is significantly dependent on the authorized trademarks and technologies;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">6. Check the files on the Issuer&#8217;s real estate, land, patents, trademarks, software copyrights and other assets through public channels, and verify the accuracy and integrity of the Issuer&#8217;s assets in light of the closing balances of inventories, fixed assets, constructions in progress and intangible assets;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">7. Obtain the Commitment Letter on Avoiding Horizontal Competition issued by AXT;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">8. Check the sites for production and R&amp;D of the Issuer and its subsidiaries on the spot, the production process of the Issuer for its products, and the approval and R&amp;D records of R&amp;D projects; interview with relevant personnel responsible for management, procurement, sales, finance and R&amp;D to assess whether the Company operates independently in terms of production, supply, marketing, finance and R&amp;D;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-21</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">9. Interview with the main customers and suppliers of the Issuer during the reporting period, as well as the main customers and suppliers after looking through AXT, to see the transaction contents, transaction terms and actual implementation thereof with customers and suppliers, the history of cooperation between both parties, the recognition of customers on the quality of the Company&#8217;s products, and whether they are associated with the Issuer or involve in financial disintermediation;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">10. Inquire basic information of the Issuer&#8217;s main customers using public data to learn the position of the Company in the industry and the position of the Company&#8217;s products in its downstream application industry through the composition of customers;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">11. Seek confirmations from the Issuer&#8217;s main customers and suppliers during the reporting period, as well as the main customers and suppliers after looking through AXT;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">12. Check the account statements of the Issuer, and its controlling shareholder AXT (including main officers thereof), directors, supervisors, officers, sales and procurement principals, key financial personnel, key sales staff and key procurement personnel during the reporting period to establish whether there is any financial disintermediation and disbursement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(III) Verification Conclusions and Opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">After verification, we believe that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. The Issuer has an independent procurement, research &amp; development, production, sales, finance departments and related personnel, with independent procurement &amp; sales channels, and independent and complete business system, the Issuer&#8217;s business does not depend on related parties, and the business of the Issuer is complete and has the ability of independent and continuous operation directly facing the market;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. As of the issuance date of the Supplementary Legal Opinion, AXT and other enterprises under its control have no actual production and operation business who have granted licenses on their patents, trademarks and other intellectual property rights to the Company for permanent use; In order to ensure the stability of raw material procurement of the Company and avoid supply interruption and shortage, the Company or the controlling shareholder AXT also deepened the cooperative relationship between both sides through equity participation. Beijing Jiya, Jiamei Hi-purity, Tongli Germanium and Dongfang Hi-purity invested by AXT</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-22</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">all operate independently, with their main businesses being the upstream extension of the main business of the Issuer. There is no confusion between the Issuer and its controlling shareholders or the companies controlled or invested by the latter as to relevant sales, procurement, assets, personnel and technology;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">3. The Issuer&#8217;s business is complete and has the ability to continue operation directly and independently in the market. There is no horizontal competition that has a material adverse effect on the Issuer between the Issuer and the controlling shareholders and other enterprises controlled by the Issuer, and there is no related transaction that seriously affects the independence of the Issuer, which complies with the requirements of business integrity and independence in related rules such as Article 12 of the Administrative Measures for the Registration of Initial Public Offerings of the Science and Technology Innovation Board, and Articles 4.1.3 &amp; 4.1.4 of Section I Controlling Shareholder and Actual Controller in Chapter IV Internal Governance of Listing Rules of the Science and Technology Innovation Board.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">III. Question 6 of Inquiry Letter: About Historical Evolution</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">6.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">According to the submissions, Beijing Tongzhou District Industrial Development Zone Corporation (hereinafter referred to as &#8220;Industrial Development Zone Corporation&#8221;) and AXT jointly established Tongmei Limited, the Issuer&#8217;s predecessor, in 1998. In 2001, Industrial Development Zone Corporation transferred its equity interests to AXT, thereby exiting from the Issuer. Industrial Development Zone Corporation was an enterprise owned by the whole people. According to the then applicable provisions, Industrial Development Zone Corporation should conduct an asset appraisal when it exited from Tongmei Limited and obtain a confirmation notice from the competent state-owned assets administration authorities in charge of examination and approval matters, or file the appraisal result with the competent state-owned assets administration authorities. Upon the verification by the intermediary agency, as it occurred a long time ago, the archival materials in relation to the equity transfer auditing appraisal and the receipt of equity transfer price have not been found.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Issuer is required to explain: the necessary procedures to be performed for the exit of Industrial Development Zone Corporation and the performance thereof, the confirmation made by or filing with the competent state-owned assets authorities during</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-23</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">the above process, the impact of the failure to find the documents in relation to the auditing appraisal and transfer price on the validity of the equity change, whether the exit of Industrial Development Zone Corporation complies with the relevant laws and regulations on the transfer of state-owned assets, impairs the legitimate rights and interests of the state, the collective and other third parties, or exists any dispute or potential risk.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Issuer&#8217;s Attorney is requested to verify the above issues, explain the impact of the failure to find the documents in relation to the auditing appraisal and transfer price on the verification conclusions, and issue a clear opinion on the above issues.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(I) Necessary procedures to be performed for the exit of Industrial Development Zone Corporation and the performance thereof, the confirmation made by or filing with the competent state-owned assets authorities during the above process</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>Specifics on the exit of Industrial Development Zone Corporation from Tongmei Limited</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Based on the Issuer&#8217;s industrial and commercial archival materials, the specifics on the exit of Industrial Development Zone Corporation from Tongmei Limited are set forth below:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On June 27, 2000, Industrial Development Zone Corporation and AXT entered into the Equity Transfer Agreement, agreeing that the 1% equity interest (totaling USD30,600) held by Industrial Development Zone Corporation in Tongmei Limited is transferred to AXT, and the equity interest shall be transferred on the day immediately following the approval of the Beijing Foreign Economic and Trade Commission, and AXT shall pay USD30,600 to Industrial Development Zone Corporation in a lump sum.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On June 28, 2000, Tongmei Limited held a board meeting, approving that Industrial Development Zone Corporation transfers its 1% equity interest in Tongmei Limited to AXT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-24</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On July 2, 2000, Tongmei Limited held a board meeting, approving that the registered capital of Tongmei Limited is increased from USD3.06 million to USD5.06 million. On the same day, AXT signed the new articles of association of Beijing Tongmei Xtal Technology Limited.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On July 24, 2000, Beijing Tongzhou District Foreign Economic and Trade Commission issued the Reply on the Change of Enterprise Nature and the Increase in Investment Amount and Registered Capital of Beijing Tongmei Xtal Technology Limited ([2000] TWJM No. 81), agreeing that Industrial Development Zone Corporation transfers its 1% equity interest, i.e., USD30,600, in Tongmei Limited to AXT; agreeing that Beijing Tongmei will be converted from a joint venture into a wholly-owned enterprise; agreeing that the total investment of Beijing Tongmei will be increased from USD3.06 million to USD5.06 million after it becomes a wholly-owned enterprise, and the registered capital will be increased from USD3.06 million to USD5.06 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">With respect to the above equity transfer and capital increase, Tongmei Limited obtained the Approval Certificate for Foreign-Invested Enterprise of the People&#8217;s Republic of China (WJMJZ Zi [1998] No. 0455) re-issued by the People&#8217;s Government of Beijing Municipality.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On August 30, 2000, Tongmei Limited obtained the Business License of Enterprise Legal Person re-issued by the State Administration for Industry and Commerce.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Upon the completion of the above change, the shareholding structure of Tongmei Limited is shown as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:19.9pt;"><td style="vertical-align:middle;width:10.63%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:20.66%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Shareholder</b></p></td><td style="vertical-align:middle;width:24.96%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Subscribed capital</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">contribution</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">(USD 0&#8217;000)</b></p></td><td style="vertical-align:middle;width:24.96%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Paid in capital</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">contribution</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(USD0&#8217;000)</b></p></td><td style="vertical-align:middle;width:18.75%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Shareholding</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Percentage</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(%)</b></p></td></tr><tr style="height:25.95pt;"><td style="vertical-align:middle;width:10.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:20.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:24.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">506</p></td><td style="vertical-align:middle;width:24.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">306</p></td><td style="vertical-align:middle;width:18.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">100.00</p></td></tr><tr style="height:25.95pt;"><td colspan="2" style="vertical-align:middle;width:31.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:24.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">506</b></p></td><td style="vertical-align:middle;width:24.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">306</b></p></td><td style="vertical-align:middle;width:18.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">100.00</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>Necessary procedures to be performed for the exit of Industrial Development Zone</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-25</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Corporation and the performance thereof, the confirmation made by or filing with the competent state-owned assets authorities during the above process</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The relevant procedures to be performed by Industrial Development Zone Corporation for exiting from Tongmei Limited and the actual performance thereof are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:top;width:10.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">S/N</b></p></td><td style="vertical-align:top;width:18.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Relevant procedures to be performed</b></p></td><td style="vertical-align:top;width:71.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Actual performance</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:10.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:top;width:18.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Decision-making by the board of directors of Tongmei Limited<br><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:71.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On June 28, 2000, Tongmei Limited held a board meeting, approving that Industrial Development Zone Corporation transfers its 1% equity interest in Tongmei Limited to AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:10.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:top;width:18.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Approval by Beijing Tongzhou District Foreign Economic and Trade Commission</p></td><td style="vertical-align:top;width:71.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On July 24, 2000, the Beijing Tongzhou District Foreign Economic and Trade Commission issued the Reply on the Change of Enterprise Nature and the Increase in Investment Amount and Registered Capital of Beijing Tongmei Xtal Technology Limited ([2000] Tong Wai Jing Mao No. 81), agreeing that Industrial Development Zone Corporation transfers its 1% equity interest, i.e., USD30,600, in Tongmei Limited to AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:10.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:top;width:18.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Industrial and commercial change procedures</p></td><td style="vertical-align:top;width:71.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On August 30, 2000, Tongmei Limited obtained the Business License of Enterprise Legal Person re-issued by the State Administration for Industry and Commerce</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:10.1%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:top;width:18.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Asset appraisal, and confirmation or filing procedures of appraisal results</p></td><td style="vertical-align:top;width:71.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Due to the long time span, the death or resignation of the original handlers and other reasons, no relevant archives on the procedures for the transfer of state-owned assets such as appraisal request, asset appraisal and confirmation of amount appraised regarding this equity transfer or the payment for the equity transfer price can be located; in order to solve historical problems, prevent the loss of state-owned assets and support the listing of the Issuer, the underlying equity transfer has been audited and appraised retrospectively according to the procedures and confirmed by the competent authorities, with the transfer price having been settled, which is thus in line with the relevant laws and regulations on the transfer of state-owned assets.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-26</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Pursuant to the Administrative Measures on the Appraisal of State-owned Assets (State Council Order No. 91, November 1991) and the Rules on the Implementation of the Administrative Measures on the Appraisal of State-owned Assets (GZBF [1992] No. 36) and other applicable provisions, the exit of Industrial Development Zone Corporation from Tongmei Limited shall be subject to an asset appraisal, and is required to obtain a confirmation notice issued by the competent state-owned assets administrative authorities in charge of examination and approval matters, or file the appraisal result with the competent state-owned assets administration authorities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the documents and clarifications from AXT and Industrial Development Zone Corporation, as well as the confirmation by interviewing with relevant principals of the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing, the above equity transfer occurred in June 2000. Irrespective of efforts to find informed personnel and search relevant historical files with supports from the competent government authorities, no relevant archives on the procedures for the transfer of state-owned assets such as appraisal request, asset appraisal and confirmation of amount appraised regarding this equity transfer or the payment for the equity transfer price can be located due to the long time span, the death or resignation of the original handlers and other reasons, with defects thereon.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In view of the above, to solve historical problems, prevent the loss of state-owned assets and support the listing of the Issuer, relevant government departments of Tongzhou District have, under the organization of the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing, jointly approved the implementation of retroactive audit and evaluation procedures on the above matters (taking May 31, 2000 as the base date), and determined that the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and the Tongzhou Management Committee of Zhongguancun Science Park (i.e. the Park Management Committee of the People&#8217;s Government of Tongzhou District, Beijing) shall jointly confirm the retrospective audit and appraisal results, and issue corresponding supporting materials according to the listing-related audit requirements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Tihuasic (Beijing) Certified Public Accountants Co., Ltd. and Tianhua Xiangtong (Beijing) Assets Appraisal Co., Ltd. respectively issued the Audit Report of Beijing Tongmei Xtal Technology Co., Ltd. (Tianhua Zhengxin (2022) Shen Zi No. N006 ) and the Retrospective</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-27</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Assets Appraisal Report of All Interests of Shareholders in Beijing Tongmei Xtal Technology Co., Ltd. Involved by the Equity Value Intended to be Known by Beijing Tongzhou District Industrial Development Zone Corporation and Beijing Tongmei Xtal Technology Co., Ltd. (Tianhua Xiangtong (2022) No. 2-1). According to the retrospective audit and appraisal results, as of May 31, 2000, the value of equity interests of shareholders in Beijing Tongmei is RMB48.24 million; as calculated based on 1% equity interest, the value of equity interest held by Industrial Development Zone Corporation in Beijing Tongmei is RMB482,400. Upon the mutual agreement between Industrial Development Zone Corporation and AXT and the confirmation by entering into a written supplementary agreement, AXT shall pay Industrial Development Zone Corporation a sum of RMB1,101,686 in principal and interest for the equity transfer, and as of the date hereof, such amount has been fully paid</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In March 2022, the superior competent authorities of Industrial Development Zone Corporation i.e. the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and the Tongzhou Management Committee of Zhongguancun Science Park jointly issued a Statement of Fact, confirming that &#8220;the appraisal method and result as used by the retrospective appraisal are reasonable, and accordingly, the equity transfer price is determined to be RMB482,400. Industrial Development Zone Corporation has received the equity transfer price and interest thereof, totaling RMB1,101,686 in full&#8221;; &#8220;The Industrial Development Zone Corporation has performed the retrospective appraisal procedure for its exit from Tongmei Limited, the transfer price has been paid in full, and the equity transfer is true and valid, in compliance with the relevant laws and regulations on the transfer of state-owned assets, without any damage to the legitimate rights and interests of the state, the collective and other third parties, and without any dispute or potential risk.&#8221; In addition, according to the interview with relevant leaders of the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing by our lawyers, the quit procedures of the Development Zone Head Office from the Issuer are complete, and the equity transfer is true and effective.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In conclusion, the exit of Industrial Development Zone Corporation from Tongmei Limited has performed such procedures as the decision-making of the board of directors of Tongmei Limited, the approval of Beijing Tongzhou District Foreign Economic and Trade Commission and the industrial and commercial change procedure. The defects of failure to locate relevant archives on the procedures for the transfer of state-owned assets such as appraisal request, asset appraisal and confirmation of amount appraised regarding such equity</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-28</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">transfer and the payment for the equity transfer price have been rectified by the entities involved having performed the retrospective appraisal procedures and obtained the confirmation from the competent authorities, and the transfer price has been settled, which is in compliance with the applicable laws and regulations on the transfer of state-owned assets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(II) Impact of the failure to find the documents in relation to the auditing appraisal and transfer price on the validity of the equity change</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the requirements on this offering and listing, AXT and the Issuer have applied to Industrial Development Zone Corporation for confirming the fact of the equity transfer. Industrial Development Zone Corporation issued a Statement of Fact on December 19, 2021, confirming that &#8220;Industrial Development Zone Corporation invested in and became a shareholder of Tongmei Limited in August 1998, and entered into the Equity Transfer Agreement with AXT, Inc. in June 2000, thereby transferring all shares held in Tongmei Limited to AXT, Inc., and the approval and industrial and commercial change procedures have been completed with Beijing Tongzhou District Foreign Economic and Trade Commission, AXT, Inc. therefore became the sole shareholder of Tongmei Limited&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In addition, with respect to the defects of failure to locate relevant archives on the procedures for the transfer of state-owned assets such as appraisal request, asset appraisal and confirmation of amount appraised regarding this equity transfer or the payment for the equity transfer price, the superior competent authorities of Industrial Development Zone Corporation i.e. the People&#8217;s Government of Zhangjiawan Town of Tongzhou District, and Tongzhou Administrative Commission of Zhongguancun Science and Technology Park jointly issued a Statement of Fact on March 18, 2022, confirming that &#8220;the Industrial Development Zone Corporation has performed the retrospective appraisal procedure for its exit from Tongmei Limited, the transfer price has been paid in full, in compliance with the relevant laws and regulations on the transfer of state-owned assets, without any damage to the legitimate rights and interests of the state, the collective and other third parties, and without any dispute or potential risk&#8221;. According to the interview with the relevant leaders of the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing by our lawyers, the procedures for the quit of the Development Zone Head Office from the Issuer are complete, and the equity transfer is true and effective.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In conclusion, we believe that, the failure to find the documents in relation to the auditing</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-29</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">appraisal and transfer price.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(III) Whether the exit of Industrial Development Zone Corporation complies with the relevant laws and regulations on the transfer of state-owned assets, impairs the legitimate rights and interests of the state, the collective and other third parties, or exists any dispute or potential risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As mentioned above, the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and the Tongzhou Management Committee of Zhongguancun Science Park as the superior competent authorities of Industrial Development Zone Corporation issued a Statement of Fact jointly on March 18, 2022 confirming that Industrial Development Zone Corporation has performed the retrospective appraisal procedure for its exit from Tongmei Limited, the transfer price has been paid in full, in compliance with the relevant laws and regulations on the transfer of state-owned assets, without any damage to the legitimate rights and interests of the state, the collective and other third parties, and without any dispute or potential risk.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(IV) Verification Procedures and Opinions</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Our Attorney has carried out the following verification procedures with respect to the aforesaid issues:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. Inspect the industrial and commercial archival materials of the Issuer and Industrial Development Zone Corporation, the resolution made by the board of directors with respect to the exit of Industrial Development Zone Corporation from Tongmei Limited and the approval of the Beijing Tongzhou District Foreign Economic and Trade Commission and the statements issued by the parties to the equity transfer, search for applicable laws and regulations at the time of the exit, assist the Issuer in communicating with Industrial Development Zone Corporation and the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing to confirm the relevant circumstances of the exit, and verify the necessary procedures to be performed for the exit of Industrial Development Zone Corporation from Tongmei Limtied and the performance thereof.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. Inspect the Audit Report of Beijing Tongmei Xtal Technology Co., Ltd. (Tianhua Zhengxin (2022) Shen Zi No. N006 ) and the Retrospective Assets Appraisal Report of All Interests of Shareholders in Beijing Tongmei Xtal Technology Co., Ltd. Involved by the Equity</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-30</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Value Intended to be Known by Beijing Tongzhou District Industrial Development Zone Corporation and Beijing Tongmei Xtal Technology Co., Ltd. (Tianhua Xiangtong (2022) No. 2-1) issued by Tihuasic (Beijing) Certified Public Accountants Co., Ltd. and Tianhua Xiangtong (Beijing) Assets Appraisal Co., Ltd. respectively, the equity transfer agreement and the supplements thereto, payment voucher of equity transfer price, the Statement of Fact issued by the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and the Tongzhou Management Committee of Zhongguancun Science Park as well as relevant documents provided thereby, and interview with the general manager of the Issuer, verify the retrospective appraisal procedures that have been performed for the exit and the confirmation obtained from the competent authorities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">3. Inspect the Statement of Fact issued by Industrial Development Zone Corporation and the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and Tongzhou Administrative Commission of Zhonguan Science and Technology Park for the exit, interviewed the relevant leaders of People&#8217;s Government of Zhangjiawan Town of Tongzhou District of Beijing City and verify the impact of the failure to find the documents in relation to the auditing appraisal and transfer price on the validity of the equity change, whether the exit of Industrial Development Zone Corporation complies with the relevant laws and regulations on the transfer of state-owned assets, impairs the legitimate rights and interests of the state, the collective and other third parties, or exists any dispute or potential risk.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">After verification, we believe that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. The exit of Industrial Development Zone Corporation from Tongmei Limited has performed such procedures as the decision-making of the board of directors of Tongmei Limited, the approval of the Beijing Tongzhou District Foreign Economic and Trade Commission and the industrial and commercial change procedure. With respect to the defects of failure to locate relevant archives on the procedures for the transfer of state-owned assets such as appraisal request, asset appraisal and confirmation of amount appraised regarding this equity transfer and the payment for the equity transfer price, the relevant entities have performed the retrospective appraisal procedures and obtained the confirmation from the competent authorities to have such defects remedied, which is in compliance with relevant laws and regulations on the transfer of state-owned assets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. The failure to find the documents in relation to the auditing appraisal and transfer price</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-31</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">will not affect the validity of the equity change or the verification conclusions made by our firm.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">3. According to the Statement of Fact jointly issued by the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing and Tongzhou Administrative Commission of Zhongguancun Science and Technology Park, and in light of our interviews with relevant persons in charge of the People&#8217;s Government of Zhangjiawan Town, Tongzhou District, Beijing, it is confirmed that Industrial Development Zone Corporation has performed the retrospective appraisal procedure for its exit from Tongmei Limited, the transfer price has been paid in full, in compliance with the relevant laws and regulations on the transfer of state-owned assets, without any damage to the legitimate rights and interests of the state, the collective and other third parties, and without any dispute or potential risk.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">6.3 According to the Prospectus, 1) Nanjing Jinmei is jointly established by AXT and Nanjing Germanium Factory (later renamed China Germanium Co., Ltd.), which is invested with the extracting and purifying gallium technology. In June 2017, China Germanium Co., Ltd. transferred all its obligations and rights (shares) in the Joint Venture Contract to AXT; 2) AXT holds 5% equity of Nanjing Jinmei on behalf of Fan Jiahua, Feng Yi, Zong Hongxia and Zhang Fengxiang. From February 2018 to May 2019, AXT signed share quit agreements with Fan Jiahua, Feng Yi and Zong Hongxia (Zhang Fengxiang and Zong Hongxia were husband and wife, who died at the time of share quit). According to the interview with Zong Hongxia and the handling personnel of the above quit matters, Fan Jiahua, Feng Yi, Zong Hongxia and Zhang Fengxiang&#39;s true intention of holding shares in and quitting from Nanjing Jinmei Department indicated that the relevant funds have been paid, and there are no disputes or potential disputes over the establishment, process and dissolution of the holding.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Issuer is required to explain: (1) the background of Nanjing Germanium Factory, whether it has completed the procedures necessary for the transfer of its obligations and rights (shares) under the joint venture contract to AXT, and whether such transfer is legal and in compliance with the law; (2) the background of and reasons for AXT&#8217;s holding of equity interest in Nanjing Jinmei on behalf of FAN Jiahua and other persons and the transfer of equity interest held by such persons; (3) the specific meaning of &#8220;persons handling the equity exit matter&#8221;, and whether there is any dispute or potential dispute in the establishment and termination of the nominee holding.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-32</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Issuer&#8217;s Attorney is required to verify the above and to render explicit opinions thereon.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(I) Background of Nanjing Germanium Factory, whether it has completed the procedures necessary for the transfer of its obligations and rights (shares) under the joint venture contract to AXT, and whether such transfer is legal and in compliance with the law</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.45pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">1.</b></font><b style="font-weight:bold;">Background of Nanjing Germanium Factory</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As indicated in the industrial and commercial registration materials of Nanjing Germanium Factory, Nanjing Germanium Factory was originally an enterprise owned by the whole people, its business scope was &#8220;main business: semiconductor materials (manufacturing); ancillary business: high-purity and ultra-high-purity non-ferrous metals; rare metals (smelting) precious metals (smelting) (excluding gold, silver, platinum)&#8221;. In July 2000, Nanjing Huajian Industry (Group) Co., Ltd. approved the conversion of Nanjing Germanium Factory into a joint-stock cooperative enterprise, its capital would be wholly funded by individuals; in May 2003, Nanjing Germanium Factory was changed into a limited liability company, and its name was changed into &#8220;Nanjing Germanium Factory Co., Ltd.&#8221;. Subsequently, the name of Nanjing Germanium Factory was successively changed into &#8220;China Germanium Limited&#8221; and &#8220;China Germanium Co., Ltd.&#8221; in August 2009 and December 2014.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the search result of our Attorney on the National Enterprise Credit Information Publicity System, the current basic information of Nanjing Germanium Factory is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">Name:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">China Germanium Co., Ltd.</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">Domicile:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">No. 718 Jiangjun Avenue, Jiangning Development Zone, Nanjing</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">Unified Social Credit Code:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">913201001348798234</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">Legal Representative:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">WANG Qingwei</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">Registered Capital:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">RMB39.6 million</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">Type of Company:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Limited Liability Company</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-33</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">Business Scope:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">R&amp;D, production, sales and technical services of new energy materials and electronic materials; smelting of high-purity and ultra-high-purity non-ferrous metals, rare metals and precious metals; manufacturing, sales and information technology services of semiconductor materials and organic germanium; self-operated and commissioned import and export of commodities and technologies (except for commodities and technologies that are restricted or prohibited from being imported and exported by the state); leasing of devices and equipment; wholesale of hazardous chemicals (subject to the scope set forth in the license). (Businesses that are subject to approval in accordance with the law may be carried out only after being approved by relevant authorities.)</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">Term of Business</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Indefinite period from October 16, 1990</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">Shareholders:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Nanjing Zhongge Investment Management Co., Ltd. holds 53.78% equity interest</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Xiamen Meihua Optoelectronics Technology Co., Ltd. holds 46.22% equity interest</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.45pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">2.</b></font><b style="font-weight:bold;">Whether Nanjing Germanium Factory has completed the procedures necessary for the transfer of its obligations and rights (shares) under the joint venture contract to AXT, and whether such transfer is legal and in compliance with the law</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In June 2017, Nanjing Germanium Factory transferred its obligations and rights (shares) under the Nanjing Jinmei joint venture contract to AXT. As indicated in the industrial and commercial registration materials of Nanjing Germanium Factory, when the above transfer took place, there were two shareholders of Nanjing Germanium Factory in total, i.e., Nanjing Zhongge Investment Management Co., Ltd. (a wholly-owned subsidiary of Xiamen Meihua Optoelectronics Technology Co., Ltd.) and Xiamen Meihua Optoelectronics Technology Co., Ltd. As indicated in the industrial and commercial registration materials of these companies and the search result of our Attorney on the National Enterprise Credit Information Publicity System, when the above-mentioned transfer occurs, the ultimate investors of these shareholders were all natural persons, and there is no state-owned shareholder.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On June 24, 2017, Nanjing Jinmei held a board meeting, approving that Nanjing Germanium Factory transfers all its obligations and rights (shares) under the joint venture contract to AXT at a price of RMB8,973,405. On the same day, Nanjing Germanium Factory and AXT entered into the Equity Transfer Agreement with respect to the above equity transfer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-34</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On June 24, 2017, AXT made a shareholders&#8217; resolution that the shareholding percentage (cooperation interest) of AXT in Nanjing Jinmei was changed from 88% to 100%, the type of company was changed from a Sino-foreign cooperative foreign-invested enterprise to a wholly foreign-owned enterprise; the original articles of association and the original cooperation agreement were terminated, and the new articles of association of Nanjing Jinmei were adopted.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On September 11, 2017, Nanjing Jinmei obtained the Business License renewed by the Market Supervision and Administration Bureau of Jiangning District, Nanjing City.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In conclusion, Nanjing Germanium Factory has completed the procedures necessary for the transfer of its obligations and rights (shares) under the joint venture contract to AXT, which is in compliance with laws and regulations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(II) Background of and reasons for AXT&#8217;s holding of equity interest in Nanjing Jinmei on behalf of FAN Jiahua and other persons and the transfer of equity interest held by such persons</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">AXT, as a nominee of FAN Jiahua, FENG Yi, ZONG Hongxia and ZHANG Fengxiang, held a total of 5% equity in Nanjing Jinmei. From February 2018 to May 2019, AXT signed a Equity Exit Agreement with FAN Jiahua, FENG Yi and ZONG Hongxia (ZHANG Fengxiang, the husband of ZONG Hongxia, was passed away at the time of equity exit) respectively, pursuant to which all nominee holding was canceled.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the statement of AXT and the confirmation by interviewing with the entrusting holders namely FAN Jiahua, FENG Yi and ZONG Hongxia, at the time of the establishment of Nanjing Jinmei, FAN Jiahua served as the general manager and ZONG Hongxia served as the deputy general manager, ZHANG Fengxiang served as the executive director and financial director, and FENG Yi served as a consultant in Nanjing Jinmei. To motivate the above persons, AXT transferred a total of 5% equity interest in Nanjing Jinmei to FAN Jiahua, FENG Yi, ZONG Hongxia and ZHANG Fengxiang in September 2000, as Nanjing Jinmei was incorporated as a Sino-foreign cooperative enterprise, no individual may</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-35</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">be a Chinese partner to the enterprise, such part of equity interest was held by AXT on their behalf.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">From February 2018 to May 2019, due to the advanced age of FAN Jiahua, FENG Yi and ZONG Hongxia, and the relocation of Nanjing Jinmei&#8217;s main production and operation site to another place, FAN Jiahua, FENG Yi and ZONG Hongxia requested to exit from Nanjing Jinmei and entered into the Equity Exit Agreement with AXT, agreeing to transfer all the equity interest held by them in Nanjing Jinmei to AXT. The above nominee holding has been completely released after consummation of such equity transfer. As of October 2020, FAN Jiahua, FENG Yi and ZONG Hongxia have received all the amounts payable for their equity exit.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(III) Specific meaning of &#8220;persons handling the equity exit matter&#8221;, and whether there is any dispute or potential dispute in the establishment and termination of the nominee holding</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the interviews with HAO Ze, the deputy general manager and chief financial officer of the Issuer (who worked in the finance department of Nanjing Jinmei from September 2000 to March 2005) and CHEN Yu, a financial manager of Nanjing Jinmei, the specific matter that FAN Jiahua, FENG Yi and ZONG Hongxia exited from Nanjing Jinmei was handled by HAO Ze and CHEN Yu, and thus HAO Ze and CHEN Yu are the persons handling the equity exit matter.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">To sum up, according to the confirmation by interviewing with all the entrusting holders FAN Jiahua FENG Yi and ZONG Hongxia other than the deceased ZHANG Fengxiang, as well as HAO Ze and CHEN Yu, the persons handling the equity exit matter, and upon our searching through public network, there is no dispute or potential dispute in the establishment and termination of the nominee holding.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(IV) Verification Procedures and Opinions</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Our Attorney has carried out the following verification procedures with respect to the aforesaid issues:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-36</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. Inspect the industrial and commercial registration materials and articles of association of Nanjing Germanium Factory, and access to the National Enterprise Credit Information Publicity System to inquire about the background of Nanjing Germanium Factory.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. Inspect the industrial and commercial registration materials of Nanjing Jinmei, as well as the relevant documents such as the equity transfer agreement, board resolution and shareholders&#8217; resolution in relation to Nanjing Germanium Factory&#8217;s transfer of its obligations and rights (shares) under the joint venture contract to AXT, and log in the National Credit Information Announcement System about contribution conditions of the senior management of Nanjing Germanium Factory before transfer, and verify whether such transfer has completed necessary procedures and is in compliance with laws and regulations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">3. Inspect the nominee holding agreement and the equity exit agreement entered into by and among FAN Jiahua, FENG Yi, ZONG Hongxia and ZHANG Fengxiang and AXT, the certificates for the payment of equity exit price and the statement of AXT, and interview with FAN Jiahua, FENG Yi and ZONG Hongxia, whose shares were held by others on their behalf, and HAO Ze and CHEN Yu, the persons handling the equity exit matter, to understand the background of and reasons for the establishment and termination of the nominee holding.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">4. Interview with FAN Jiahua, FENG Yi and ZONG Hongxia, whose shares were held by others on their behalf, and HAO Ze and CHEN Yu, the persons handling the equity exit matter, and access to public network for search and inquiry, and verify whether there is any dispute or potential dispute in the establishment and termination of the nominee holding.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">After verification, we believe that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. Nanjing Germanium Factory has completed the procedures necessary for the transfer of its obligations and rights (shares) under the joint venture contract to AXT, which is in compliance with laws and regulations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. The background of and reasons for AXT&#8217;s holding of equity interest in Nanjing Jinmei on behalf of FAN Jiahua, FENG Yi, ZONG Hongxia and ZHANG Fengxiang and the transfer of equity interest held by such persons are reasonable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">3. The specific matter that FAN Jiahua, FENG Yi and ZONG Hongxia exited from Nanjing Jinmei was handled by HAO Ze and CHEN Yu, and thus HAO Ze and CHEN Yu are</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-37</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">the persons handling the equity exit matter; there is no dispute or potential dispute in the establishment and termination of the nominee holding.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">IV. Question 19 of the Inquiry Letter: About Spin Off Listing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">According to the submissions, the Issuer&#8217;s application for this Offering and Listing has been approved and authorized by the board of directors of AXT, and AXT has conducted relevant information disclosures without obtaining any authorizations, consents, approvals or other actions from any governmental authority or regulatory agency in Delaware, NASDAQ and the U.S. Securities and Exchange Commission that have jurisdiction over AXT, and without performing notification, filing and other procedures.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Issuer is required to explain: (1) Whether AXT has been involved in any government investigations, litigations, arbitrations or administrative penalties after its listing on NASDAQ. Whether there have been any major illegal acts in the last 3 years. Whether it has been subject to any inquiries from the U.S. SEC and NASD as a result of this Offering and Listing; (2) the impact of this Offering and Listing on AXT&#8217;s small and medium investors, and whether there are disputes or potential disputes between relevant shareholders.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Issuer&#8217;s Attorney is required to verify the above and to render explicit opinions thereon.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(I) Whether AXT has been involved in any government investigations, litigations, arbitrations or administrative penalties after its listing on NASDAQ. Whether there have been any major illegal acts in the last 3 years. Whether it has been subject to any inquiries from the U.S. SEC and NASD as a result of this Offering and Listing;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Disclosure Letter issued by Wilson Sonsini Goodrich &amp; Rosati, a law form in the U.S., the Statement &amp; Confirmation Letter issued by AXT, the confirmation by the interview with AXT&#8217;s Chairman MORRIS SHEN-SHIH YOUNG, as well as the information found at the U.S. SEC website (https://www.sec.gov/) and the NASDAQ website</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-38</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(https://www.nasdaq.com/), AXT has been involved in and disclosed by announcement 1 government investigation and administrative punishment, 5 lawsuits and 2 arbitrations since its listing on NASDAQ, as detailed below:.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:7.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">S/N</b></p></td><td style="vertical-align:middle;width:16.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Type</b></p></td><td style="vertical-align:middle;width:44.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Basic information</b></p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Progress and outcome</b></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:7.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">1</p></td><td style="vertical-align:middle;width:16.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Government investigation, administrative punishment and lawsuit</p></td><td style="vertical-align:middle;width:44.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">In May 2000, AXT was fined USD313,655 by the California Occupational Safety and Health Administration for violating relevant health and safety regulations in an investigation of potential excessive hazardous substances at AXT<font style="font-family:'DengXian';">&#8217;</font>s production base.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On May 1, 2001, the Santa Clara Occupational Safety and Health Center filed a lawsuit with the Hayward High Court of Alameda County, California requesting to order AXT to stop the violation and impose civil punishments thereon on the ground that AXT used arsenic and inorganic arsenic compounds in its workplace against relevant provisions of the California Business and Professions Code, the California Proposition 65 and the California Occupational Safety and Health Act.</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">In March 2001, AXT reached a settlement with the California Occupational Safety and Health Administration for a fine of USD200,415. On June 24, 2002, AXT reached a settlement with the other party on relevant claims, under which AXT agreed to pay an amount of USD175,000 to the Santa Clara Occupational Safety and Health Center, with the corresponding settlement agreement having been signed, and the settlement being approved by the court on 20 September 2002.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.77%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">2</p></td><td colspan="2" style="vertical-align:middle;width:16.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Lawsuit</p></td><td style="vertical-align:middle;width:44.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On April 15, 2003, Sumitomo Electric Industries, Ltd. (<font style="font-family:'DengXian';">&#8220;</font>Sumitomo<font style="font-family:'DengXian';">&#8221;</font>) filed a lawsuit with the Civil Division of Tokyo District Court, alleging that AXT and its Japanese traders infringed two patents held by Sumitomo in Japan, and seeking to order AXT to pay punitive damages of USD1.67 million together with related interest, bear the litigation costs and stop selling GaAs substrates in Japan.</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On October 8, 2004, AXT and Sumitomo reached a settlement on the litigation. On December 2, 2004, both parties entered into a global intellectual property cross licensing agreement subjecting AXT to pay Sumitomo royalties. In January 2005, the patent-related lawsuit was withdrawn by Sumitomo.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-39</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:7.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">3</p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Lawsuit</p></td><td style="vertical-align:middle;width:44.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On June 11, 2003, Cree, Inc. filed a lawsuit with the Northern District Court of California, the United States, alleging that AXT infringed its patent rights and requesting AXT to compensate for the loss and stop the infringement. On July 23, 2003, AXT filed a counterclaim with the same court, denying its patent infringement and claiming that Cree, Inc. instituted the litigation in an attempt to interfere with the future business relations.</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On March 5, 2004, AXT and Cree, Inc. reached a settlement agreement on the dispute between them.</p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:7.77%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">4</p></td><td style="vertical-align:middle;width:16.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Lawsuit</p></td><td style="vertical-align:middle;width:44.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On October 15, 2004, a securities class action was filed by those who purchased shares of AXT during the period from February 6, 2001 to April 27, 2004 as the plaintiffs with the Northern District Court of California against AXT and its CTO as the defendants, on the grounds of false and misleading financial results announced during the above period.</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On April 24, 2007, AXT reached a settlement agreement with the relevant plaintiffs on the class action.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.61%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">5</p></td><td colspan="2" style="vertical-align:middle;width:16.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Lawsuit</p></td><td style="vertical-align:middle;width:44.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On June 1, 2005, two former employees and their minor children as the plaintiffs filed a lawsuit with the California Supreme Court against AXT, its CTO, former interim CEO, former security staff and a supplier as the defendants for personal injury due to exposure of infants in utero to high concentrations of gallium arsenide and methanol used for the production of GaAs wafer caused by general negligence and intentional tort, holding the defendants liable for loss of wages and other damages, including punitive damages.</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">On April 23, 2007, both parties reached an agreement on the lawsuit, with the settlement fund covered by the insurance company.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-40</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">6</p></td><td style="vertical-align:middle;width:16.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Arbitration</p></td><td style="vertical-align:middle;width:44.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">In 2008, Steve X. Chen, a former employee, requested the arbitral tribunal to uphold his claim that his dismissal from AXT was based on race and nationality.</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 2.15pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">The claim of the former employee Steve X. Chen has been resolved without incurring any liability for compensation on the part of AXT.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.61%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">7</p></td><td style="vertical-align:middle;width:16.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Arbitration</p></td><td style="vertical-align:middle;width:44.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">In October 1998, a supplier filed an arbitration with the Arbitration Commission in Shenzhen, China, claiming that AXT failed to fulfill its obligation under the purchase contract with the supplier by failure to fully accept the germanium products.</p></td><td style="vertical-align:middle;width:30.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.15pt 0pt 2.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">A final award has been made by the arbitral tribunal under which AXT is not required to take any obligation.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">No government investigations, lawsuits, arbitrations or administrative punishments other than the above have been disclosed by AXT via announcement since its listing on NASDAQ.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Disclosure Letter issued by the US law firm Wilson Sonsini Goodrich &amp; Rosati, the Statement &amp; Confirmation Letter issued by AXT, the confirmation by the interview with AXT&#8217;s Chairman MORRIS SHEN-SHIH YOUNG, and the information available at the U.S. SEC website (https://www.sec.gov/) and the NASDAQ website (https://www.nasdaq.com/) through query, AXT has not committed any major illegal acts in the past three years, nor has it received any inquiries from the U.S. SEC or the NASDAQ as a result of this Offering and Listing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(II) The impact of this Offering and Listing on AXT&#8217;s small and medium investors, and whether there are disputes or potential disputes between relevant shareholders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:21pt;text-align:justify;text-indent:-21pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>The impact of this Offering and Listing on AXT&#8217;s small and medium investors</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-41</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Legal Opinion issued by the US law firm Burks Johansson LLP, the Disclosure Letter issued by the US law firm Wilson Sonsini Goodrich &amp; Rosati, the Statement &amp; Confirmation Letter issued by AXT, the Plan for the Offering and Listing of the Issuer, and the information available at the U.S. SEC Website (Website: https://www.sec.gov/) and the NASDAQ Website (Website: https://www.nasdaq.com/) through inquiry by our lawyers, the Offering and Listing do not have a significant adverse impact on the legitimate rights and interests of small and medium-sized investors of AXT, see the details as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(1) The number of shares issued by the Issuer in the Public Offering accounts for over 10% of the total number of shares after the Offering. AXT is still the controlling shareholder of the Issuer after the Offering and Listing, and the Issuers is the holding subsidiary within the scope of consolidated statements of AXT before and after the Offering and Listing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(2) The Application for the Offering and Listing has been approved by the Board of Directors of AXT, and AXT has made a Written Information Disclosure on the Offering and Listing, thereby protecting the rights to know of the investors of AXT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(3) The AXT&#8217;s spin-off of the Issuer for its listing on the Science and Technology Innovation Board will raise funds for the Issuer to build the proposed investment project and supplement the working capital, which is conducive to further standardizing the Issuer&#39;s internal governance, improving management level, and enhancing corporate and brand awareness, and promoting the sustainable and stable development.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(4) This Offering and Listing has not affected the corporate governance structure and shareholders&#8217; rights of AXT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(5) According to the Legal Opinion issued by Burks Johansson LLP, a law firm in U.S.: &#8220;Generally speaking, under the Delaware General Corporation Law, if any shareholders of AXT are dissatisfied with any decisions made by the broad of directors according to applicable governance practices, it can only obtain remediation through the sales of stocks in practice, and any other remediations require proof of wrongful or unlawful conduct. In addition, the directors of AXT have fiduciary duties to shareholders such as duty of care and duty of loyalty. If shareholders reasonably believe that the directors have violated their fiduciary duties and that they have suffered damages therefrom, they may file a lawsuit.&#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In conclusion, this Offering and Listing will not have a material adverse impact on the</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-42</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">legitimate rights and interests of small and medium investors in AXT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:21pt;text-align:justify;text-indent:-21pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">2.</b></font><b style="font-weight:bold;">Whether there are disputes or potential disputes among the relevant shareholders</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Disclosure Letter issued by Wilson Sonsini Goodrich &amp; Rosati and the Statement &amp; Confirmation Letter issued by AXT, and as confirmed by our Attorney&#8217; interview with AXT&#8217;s Chairman MORRIS SHEN-SHIH YOUNG. This Offering and Listing application has been approved by the Board of Directors, and there have been no disputes or potential disputes among the relevant shareholders arising due to this Offering and Listing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(III) Verification procedures and opinions</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Our Attorney has carried out the following verification procedures with respect to the aforesaid issues:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. Obtain and review AXT&#8217;s registration documents, the Prospectus, the Disclosure Letter issued by Wilson Sonsini Goodrich &amp; Rosati, and the Statement &amp; Confirmation Letter issued by AXT, and check the information available at the U.S. SEC website (https://www.sec.gov/) and the NASDAQ website (https:www.nasdaq.com/) to verify whether AXT has been subject to government investigations, lawsuits, arbitrations or administrative penalties after its listing on NASDAQ, whether there have been any major illegal acts in the last 3 years, and whether it has been subject to inquiries by the U.S. SEC and NASDAQ due to this Offering and Listing;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. Obtain and review the Disclosure Letter issued by Wilson Sonsini Goodrich &amp; Rosati, and the Statement &amp; Confirmation Letter issued by AXT, and checked the information available at the U.S. SEC website (https://www.sec.gov/) and the NASDAQ website (https://www.nasdaq.com/) to verify the impact of this Offering and Listing on small and medium investors in AXT;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">3. Obtain and review the Disclosure Letter issued by the U.S. law firm, Wilson Sonsini Goodrich &amp; Rosati, and the Statement &amp; Confirmation Letter issued by AXT, confirm the interview with the chairman of AXT, MORRIS SHEN-SHIH YOUNG, and check the information available at the U.S. SEC website (https://www.sec.gov/) and the NASDAQ website (https://www.nasdaq.com/) to verify whether there are any disputes or potential disputes between relevant shareholders related to this Offering and Listing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-43</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">After verification, we believe that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. AXT has been involved in and disclosed by announcement 1 government investigation and administrative punishment, 5 lawsuits and 2 arbitrations, except for which, it has disclosed no other government investigations, lawsuits, arbitrations or administrative punishments in the announcements after listing on NASDAQ; AXT has not committed any major illegal acts in the past 3 years, nor has it been subject to any inquires from the U.S. SEC and the NASDAQ due to this Offering and Listing;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. This Offering and Listing will not have a material adverse impact on the legitimate rights and interests of small and medium investors in AXT, and there have been no disputes or potential disputes between relevant shareholders due to this Offering and Listing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">V. Question 20 of the Inquiry Letter: Other Questions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">20.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">According to the submissions, for the special rights clauses stipulated in the VAM Agreement, the investment institution and AXT agreed: if the Issuer fails to complete the qualified listing prior to December 31, 2022 (or any other date as agreed by all parties and agreed in writing), the repurchase clause will automatically resume its validity and be retroactive to the date of the signing of the Supplementary Agreement.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Issuer is required to explain: whether the VAM Agreement within a deadline to resume its validity meets the requirements of the relevant rules.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">The Sponsor and Issuer&#8217;s Attorney are required to verify the above and to render explicit opinions in accordance with the relevant provisions of the VAM Agreement.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(I) whether the VAM Agreement within a deadline to resume its validity meets the requirements of the relevant rules</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:21pt;text-align:justify;text-indent:-21pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">1.</b></font><b style="font-weight:bold;">Relevant contents of the VAM Agreement</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-44</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In January 2021, the Issuer increased capital and shares by introducing Haitong New Driving Force, Haitong New Energy, Haitong Innovation, Anxin Industrial Investment, Jinggangshan Meicheng, Huadeng II, Qingdao Xinxingyi, Qiji Hangzhou, Gongqingcheng Yihua, Shangrong Baoying, Xiamen Heyong, Hangzhou Jingyue and Lumentime Semiconductor and other investors (hereinafter collectively referred to as Investment Institutions). The Investment Institutions, the Issuer and AXT respectively signed the Capital Increase Agreement of Beijing Tongmei Xtal Technology Limited, the Supplementary Agreement to the Capital Increase Agreement of Beijing Tongmei Xtal Technology Limited (Supplementary Agreement) and the Supplementary Agreement II to the Capital Increase Agreement of Beijing Tongmei Xtal Technology Limited (Supplementary Agreement II) (hereinafter collectively referred to as the Transaction Documents)<sup style="font-size:9pt;vertical-align:top;">1</sup> The VAM clauses in the Transaction Documents regarding the resumption of validity within a deadline are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(1) According to the Supplementary Agreement: the company fails to make an IPO before December 31, 2022 (if the company&#8217;s IPO is under review when the period expires, the repurchase will be postponed until the IPO is rejected or the company withdraws the application), or under other specific circumstances, the investment institutions have the right to require AXT to repurchase Company all or part of the equity held by the investment institutions in the company. In addition to the agreement of repurchasing equities, the Supplemental Agreement also contains special rights articles such as equity transfer limitation, preemptive right, priority in sale and anti-dilution. The Supplementary Agreement has been terminated automatically from the date when the Company formally submits IPO Application materials.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(2) According to the Supplementary Agreement II: as stipulated in Supplementary Agreement II: If the company fails to complete the qualified listing before the above-mentioned expected listing completion date, the repurchase clause stipulated in Article 8 of the</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="1" width="25.0%" style="background-color:#000000;color:#000000;height:1pt;position:relative;top:0.6em;border:none;margin:0pt;" align="left"></div><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;"><sup style="font-size:9pt;vertical-align:top;">1</sup></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;">In the Transaction Documents, references to &#8220;Party A&#8221; include Investment Institutions, references to &#8220;Party C&#8221; mean the AXT, and references to &#8220;Party B&#8221; and &quot;Target Company&quot; mean the Issuer. There are no major differences in the provisions of the Transaction Documents signed by each of the Investment Institutions, so they will not be repeated hereby.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-45</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Supplementary Agreement will automatically resume its validity and will be effective retroactively from the date of the signing of the Supplementary Agreement. According to the repurchase terms, AXT shall be responsible for such equity repurchase, and the Issuer shall not be responsible for repurchasing the Company&#39;s equity held by the Investment Institution.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In order to terminate the above-mentioned VAM terms, the Investment Institution, the Issuer and AXT signed the Supplementary Agreement III on the Capital Increase Agreement of Beijing Tongmei Xtal Technology Co., Ltd. (hereinafter referred to as the &#8220;Supplementary Agreement III&#8221;) on March 21, 2022, with the main contents as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">&#8220;Article 1 The parties agree and acknowledge that the Supplementary Agreement has been automatically terminated on December 28, 2021 and will be invalid from the date hereof.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Article 2 From the date of signing this Agreement, the Supplementary Agreement II will be automatically terminated and will be invalid from the date hereof.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Article 3 The parties agree and acknowledge that on the day that Party B&#8217;s IPO has been rejected under the review of Shanghai Stock Exchange or refused for registration by China Securities Regulatory Commission or Party B has withdrawn its IPO application (hereinafter referred to as &#8220;repurchase circumstances&#8221;), Party A shall have the right to require Party C to repurchase part or all of Party B&#8217;s equity held by Party A, and Party C is obliged to repurchase part or all of Party B&#8217;s equity held by Party A upon Party A&#8217;s request.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Party A shall submit a repurchase request to Party C in writing within fifteen (15) working days from the date of Party B sending a written notice to Party A when any of the repurchase circumstances occurs, so that Party C has sufficient time for repurchase arrangements. Party C shall, within ninety (90) days after Party A submits the repurchase request in writing, enter into an equity transfer agreement with Party A regarding the equity repurchase described in this Agreement, and complete the payment of corresponding share repurchase price within the period stipulated in the relevant repurchase legal documents. The equity repurchase price is the actual investment amount paid when Party A obtains the equity.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-46</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Article 4 The parties further agree that on the date of any of repurchase circumstances stipulated in Article 3 hereof, Party C also has the right to issue a repurchase notice to Party A in writing, and Party C will repurchase the Party B&#8217;s equity held by Party A at that time. The equity repurchase price is the actual investment amount paid when Party A obtains the equity.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In conclusion, the Supplementary Agreement and the Supplementary Agreement II have been terminated and will be invalid from the date of signing of these agreements. There is no longer any VAM clause with a time limit for resumption of validity between Investment Institutions and AXT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:21pt;text-align:justify;text-indent:-21pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>Whether the VAM Agreement complies with the relevant rules and regulations</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">According to Supplementary Agreement III, there is an existing gambling agreement between the Investment Institution and AXT. Such agreement complies with the provisions of Article 10 of the Questions and Answers on the Review of the Offering and Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (II), and the details are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:11.35pt;"><th colspan="2" style="font-weight:normal;text-align:left;vertical-align:middle;width:37.23%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Provisions of Article 10 of the</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Questions and Answers on the</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Review of the Offering and Listing</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">of Stocks on the STAR Market of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">the Shanghai Stock Exchange (II)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:52.53%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Actual Situation of the Issuer</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:10.23%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Compliant</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Or Not</b></p></th></tr><tr style="height:11.35pt;"><td colspan="2" style="vertical-align:middle;width:37.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Where PE, VC and other institutions agree on a valuation adjustment mechanism (generally referred to as a VAM Agreement) when making investments, in principle, the Issuer is required to clean up the VAM agreements before submission.</p></td><td style="vertical-align:middle;width:52.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">The special rights such as repurchase rights enjoyed by Investment Institutions under the Supplementary Agreement and Supplementary Agreement II have been terminated and are invalid from the beginning. Only on the day when the Issuer&#8217;s IPO has not been rejected by the Shanghai Stock Exchange or refused for registration by the China Securities Regulatory Commission, or the Issuer withdraws the IPO application, the Investment Institutions have the right to request AXT to repurchase part or all of the Issuer&#8217;s equity held by the Investment Institutions.</p></td><td style="vertical-align:middle;width:10.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Compliant</p></td></tr><tr style="height:11.35pt;"><td style="vertical-align:middle;width:13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Those agreements that meet the following requirements at the same time can be retained.</p></td><td style="vertical-align:middle;width:24.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">The Issuer is not a party to the VAM agreement.</p></td><td style="vertical-align:middle;width:52.53%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">The controlling shareholder AXT shall be responsible for share repurchase. The Issuer shall not be responsible for repurchasing the Company&#39;s equity held by the Investment Institution, and the Issuer is not a party to the Gambling Arrangement.</p></td><td style="vertical-align:middle;width:10.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Compliant</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-47</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:11.35pt;"><td colspan="3" style="vertical-align:middle;width:38.11%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Provisions of Article 10 of the</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Questions and Answers on the</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Review of the Offering and Listing</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">of Stocks on the STAR Market of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">the Shanghai Stock Exchange (II)</b></p></td><td style="vertical-align:middle;width:51.64%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Actual Situation of the Issuer</b></p></td><td style="vertical-align:middle;width:10.23%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Compliant</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Or Not</b></p></td></tr><tr style="height:11.35pt;"><td rowspan="3" style="vertical-align:middle;width:13.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:24.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">There is no agreement in the VAM Agreement that may lead to changes in the company&#8217;s control</p></td><td colspan="2" style="vertical-align:middle;width:51.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">The issuer has no actual controller, and AXT is the controlling shareholder of the issuer. If the repurchase conditions are triggered, AXT will repurchase the relevant shares from the Investment Institution, and its shareholding ratio will further increase, which will not lead to changes in the Issuer&#8217;s control.</p></td><td style="vertical-align:middle;width:10.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Compliant</p></td></tr><tr style="height:11.35pt;"><td style="display:none;vertical-align:middle;width:13.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:24.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">VAM agreements are not linked to market value.</p></td><td colspan="2" style="vertical-align:middle;width:51.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">VAM repurchase agreements do not involve market capitalization-linked terms.</p></td><td style="vertical-align:middle;width:10.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Compliant</p></td></tr><tr style="height:11.35pt;"><td style="display:none;vertical-align:middle;width:13.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:24.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">The VAM Agreement does not have any circumstances that seriously affect the Issuer&#8217;s ability to continue as a going concern or otherwise seriously affect the rights and interests of investors.</p></td><td colspan="2" style="vertical-align:middle;width:51.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">The Issuer is not a party to the VAM arrangement, and the relevant VAM agreement and arrangements does not have any circumstances that seriously affect the Issuer&#8217;s ability to continue as a going concern or otherwise seriously affect the rights and interests of investors.</p></td><td style="vertical-align:middle;width:10.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Compliant</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">To sum up, the currently valid VAM Agreement between the Investment Institutions and AXT complies with the relevant requirements of Article 10 of the Questions and Answers on the Review of the Offering and Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (II).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(II) Verification procedures and opinions</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Our Attorney has carried out the following verification procedures with respect to the aforesaid issues:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. Check the Capital Increase Agreement and its Supplementary Agreement signed by the Investment Institution, the Issuer and AXT, check the explanations and confirmations of the Investment Institutions and AXT, and check the specific contents of the special rights clause of the VAM Agreement;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. Retrieve the relevant laws and regulations and exchange rules of the special rights clauses in the VAM Agreement, and check whether the VAM Agreement with a time limit to restore its validity meets the requirements of the relevant rules.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Upon verification, we believe that the agreement on the VAM clause with a time limit to</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-48</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">restore its validity between the Investment Institutions and AXT has been terminated. The currently valid VAM Agreement complies with the relevant provisions of Article 10 of the Questions and Answers on the Review of the Offering and Listing of Stocks on the STAR Market of the Shanghai Stock Exchange (II).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-49</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Part II Update of the Issuer&#8217;s Information Related to the Offering and Listing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">I. Approval and Authorization of the Offering and Listing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">The Approval and Authorization of the Offering and Listing by the Second Extraordinary General Meeting of Shareholders in 2021 held by the Issuer on December 15, 2021 are still valid, all proposals related to the Offering and Listing of the Issuer passed at the General Meeting of Shareholders shall remain valid according to the Meeting Documents of the Board of Directors and the General Meeting of Shareholders provided by the Issuer and verified by our lawyers, as of the issuance date of the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Legal Opinion issued by Burks Johansson LLP, &#8220;AXT&#8217;s shareholders do not have the right to vote or agree on the Approval and Authorization of the Offering and Listing&#8221;; &#8220;The IPO Application shall not be approved with any authorization, consent, approval or other action applicable to any government authority or regulatory agency in Delaware with jurisdiction over AXT, NASDAQ and SEC, nor perform notification, filing and other procedures&#8221;; AXT&#8217;s information disclosure on the Offering and Listing &#8220;conforms to the information disclosure requirements of Delaware General Company Law, NASDAQ and SEC on Beijing Tongmei&#8217;s Submission of Listing Application and Listing on the Science and Innovation Board&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">To sum up, we believe that the Offering and Listing of the Issuer have been approved and authorized by the Issuer, which shall be reviewed by Shanghai Stock Exchange according to law and reported to the CSRC to perform the issuance and registration procedures; the Issuer&#8217;s shares are listed and traded on Shanghai Stock Exchange after closing, which has yet to be reviewed and approved by Shanghai Stock Exchange.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">II. Subject Qualification of the Offering and Listing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">After verification by our lawyers, as of the issuance date of the Supplementary Legal Opinion, the Issuer is a joint-stock company established according to the law and has operated for more than three years continuously, has sound and good organizational structure, its</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-50</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">relevant institutions and personnel can perform their duties according to the law, and exists effectively in accordance with the law. There has been no circumstance that needs to terminate it according to the laws, regulations, normative documents and the Articles of Association. the Issuer has the subject qualification of the Offering and Listing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">III. Substantive Conditions for the Offering and Listing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:48pt;text-align:justify;text-indent:-48pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(I)</font></font>The Offering and Listing meets the relevant conditions in the Securities Law</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>According to the Company Law and other relevant laws, regulations, normative documents and the Articles of Association, the Issuer has established the General Meeting of Shareholders, the Board of Directors and the Board of Supervisors, and set up special committees, such as Strategy Committee, Audit Committee, Nomination Committee and Remuneration and Assessment Committee under the Board of Directors; elected directors (including independent directors) and supervisors (including employee supervisors); the General Manager, Deputy General Manager, CFO, Secretary of the Board of Directors and other senior managers have been appointed, and relevant functional departments have been set up; the Rules of Procedure of the General Meeting of Shareholders, the Rules of Procedure of the Board of Directors, the Rules of Procedure of the Board of Supervisors, the Working Rules of the General Manager, the Working System of Independent Directors, the Working System of the Secretary of the Board of Directors, the Management Measures for Connected Transactions, the Management System for External Guarantees, the Management System for External Investment, the Internal Audit System and other corporate governance systems have been formulated. The Issuer has a standardized corporate governance structure and perfect internal management system, has a sound and well-functioning organization, and the relevant institutions and personnel can perform their duties according to law, conforming to the provisions of Paragraph 1 (1) of Article 12 of the Securities Law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>According to the Updated Audit Report, the net profits of the Issuer attributable to the shareholders of the Parent Company in 2019, 2020 and 2021 (calculated based on the lower one before and after deducting non-recurring profits and losses) were RMB-33.389 million, RMB8.9818 million and RMB89.9218 million, respectively. The Issuer has the ability of sustainable operation and conforms to the provisions of Paragraph 1 (2) of Article 12 of the</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-51</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Securities Law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">3.</font></font>Ernst &amp; Young has issued the Standard Unqualified Updated Audit Report for the Offering and Listing, conforming to the provisions of Item (3) of Paragraph 1 of Article 12 of the Securities Law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">4.</font></font>According to the Enterprise Credit Information Publicity Report of the Issuer, the Legal Opinion on AXT issued by Burks Johansson LLP during the Reporting Period (hereinafter referred to as the &#8220;U.S. AXT&#8217;s Updated Legal Opinion&#8221;), explanation and commitment of the Issuer and its controlling shareholders, and through the inquiry of our lawyers on the National Enterprise Credit Information Publicity System and China Judgements Online (Website: http://wenshu.court.gov.cn/, the same below), China executive information disclosure network (Website: http://zxgk.court.gov.cn/, the same below), The People&#39;s Court Announcement (Website: http://rmfygg.court.gov.cn/, the same below), 12309 China Procuratorial Network (Website: https://www.12309.gov.cn/, the same below), as well as the interview with the Chairman and General Manager of the Issuer, the Issuer and its controlling shareholders have not committed any criminal crime of embezzlement, bribery, embezzlement of property, misappropriation of property or undermining the order of the socialist market economy in the past three years, conforming to the provisions of Paragraph 1 (4) of Article 12 of the Securities Law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:48pt;text-align:justify;text-indent:-48pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(II)</font></font>The Offering and Listing meet the relevant conditions stipulated in the Company Law</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>According to the revised Prospectus of Beijing Tongmei Xtal Technology Co., Ltd. on Initial Public Offering and Listing on the Science and Innovation Board (Updated Version of 2021 Annual Report) (hereinafter referred to as the &#8220;Prospectus&#8221; (Updated Version of 2021 Annual Report)), and the resolution of the Issuer&#8217;s Second Interim General Meeting in 2021, the shares issued by the Issuer this time are domestic listed RMB common shares (A shares) with a par value of RMB1.00 per share. The issuance conditions and price of each share are the same, and each share has the same rights, conforming to the provisions of Article 126 of the Company Law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>Resolutions on the type, quantity, pricing method, issuance time, issuance object and other matters of the Public Offering of shares have been made at the General Meeting of</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-52</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Shareholders of the Issuer, conforming to the provisions of Article 133 of the Company Law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:48.4pt;text-align:justify;text-indent:-48.4pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(III)</font></font>The Offering and Listing meets the relevant conditions in the Administrative Measures for Initial Registration</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>The Issuer is a joint stock limited company established according to the law and has operated for more than three years continuously; the Issuer has a sound and well-functioning organization, and relevant institutions and personnel can perform their duties according to law, conforming to Article 10 of the Administrative Measures for Initial Registration.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>The Issuer&#8217;s basic accounting work is standardized according to the Updated Audit Report and the Issuer&#8217;s Notes, the preparation and disclosure of the financial statements comply with the Accounting Standards for Business Enterprises and relevant information disclosure rules, and fairly reflect the financial position, operating results and cash flow of the Issuer in all material aspects, Ernst &amp; Young issued the Standard Unqualified Updated Audit Report. According to the Updated Internal Control Report and the Issuer&#8217;s Instructions, the Issuer&#8217;s Internal Control System is sound and effectively implemented, which can reasonably ensure the operation efficiency, legal compliance and the reliability of financial reports of the Company. Ernst &amp; Young issued the Updated Internal Control Report with unqualified conclusions, conforming to Article 11 of the Administrative Measures for Initial Registration.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">3.</font></font>The Issuer&#8217;s business is complete and can operate independently and continuously in the market.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:39pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(1)</font></font>The Issuer&#8217;s assets are complete, and its business, personnel, finance and institutions are independent; there is no horizontal competition between the Issuer and the controlling shareholders and other enterprises controlled by them that have significant adverse impacts on the Issuer, as well as related party transactions that seriously affect independence or are obviously unfair, conforming to the provisions of Article 12 (1) of the Administrative Measures for Initial Registration.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:39pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(2)</font></font>The main business, control, management team and core technical personnel of the Issuer are stable, without major adverse changes in the main business, directors, senior managers and core technical personnel in the last two years; as of the Issuance Date of the Supplementary Legal Opinion, the ownership of the shares of the Issuer held by the controlling shareholders and the shareholders controlled by the controlling shareholders is clear, without</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-53</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">major ownership dispute that may lead to the possible change of control, conforming to the provisions of Article 12 (2) of the Administrative Measures for Initial Registration.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:48pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(3)</font></font>The Issuer has no major ownership disputes over major assets, core technologies, trademarks, etc., or major debt repayment risks, major contingencies, such as guarantees, litigation and arbitration, and major changes in the business environment that have or will have a significant adverse impact on the sustainable operation, conforming to the provisions of Article 12 (3) of the Administrative Measures for Initial Registration.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">4.</font></font>The production and operation of the Issuer comply with the provisions of laws and administrative regulations and the national industrial policies</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:39pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(1)</font></font>According to the certification documents issued by relevant government departments, such as industry and commerce, taxation and environmental protection and the instructions of the Issuer, and verified by our lawyers, the production and operation of the Issuer conforms to the provisions of laws and administrative regulations, national industrial policies and the provisions of Paragraph 1 of Article 13 of the Administrative Measures for Initial Registration.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:39pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(2)</font></font>According to the Enterprise Credit Information Publicity Report of Issuer, U.S. AXT Updated Legal Opinion, the explanation and commitment of the Issuer and its controlling shareholders, and through the inquiry by our lawyers on the National Enterprise Credit Information Publicity System, China Judgements Online, China Executive Information Disclosure Network, the People&#8217;s Court Announcement, 12309 China Procuratorial Network and the Website of China Securities Regulatory Commission (Website: http://www.csrc.gov.cn/, the same below), the Website of the Securities and Futures Market Dishonesty Record Inquiry Platform of China Securities Regulatory Commission (Website: http://neris.csrc.gov.cn/shixinchaxun/, the same below), CREDITCHINA Website (Website: https://www.creditchina.gov.cn/, the same below), in the last three years, the Issuer and its controlling shareholders have not committed any criminal crime of embezzlement, bribery, embezzlement of property, misappropriation of property or undermining the order of the socialist market economy, and there have been no fraudulent issuance, illegal major information disclosure or other crimes involving national security, public security, ecological security, production safety, major violations in the fields of public health and safety comply with the provisions of Paragraph 2 of Article 13 of the Administrative Measures for Initial</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-54</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Registration.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:39pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(3)</font></font>According to the certificate of no criminal record issued by the relevant public security organ, the questionnaire signed by the directors, supervisors and senior managers of the Issuer, the notice of handling results of foreign service business of integrity archives issued by Beijing Securities Regulatory Bureau of China Securities Regulatory Commission, and through the inquiry of our lawyers on the Website of China Securities Regulatory Commission, China Judicial Document Website, China Executive Information Disclosure Website according to the inquiry on the websites of the Securities and Futures Market Dishonesty Record Inquiry Platform of the CSRC and the Website of credit China, the directors, supervisors and senior managers of the Issuer have not been subject to the administrative punishment of the CSRC in the past three years, or have been placed on file for investigation by the judicial organ for suspected crimes or have been placed on file for investigation by the CSRC for suspected violations of laws and regulations, and there is no clear conclusion, conforming to the provisions of Paragraph 3, Article 13 of the Administrative Measures for Initial Registration.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:48.4pt;text-align:justify;text-indent:-48.4pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(IV)</font></font>The Offering and Listing conforms to the relevant conditions in the Listing Rules of the Science and Innovation Board</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>The Offering and Listing conforms to the relevant provisions of the Securities Law, the Company Law and the Administrative Measures for Initial Registration, as well as the provisions of Paragraph 1 (1) of Article 2.1.1 of the Listing Rules of the Science and Innovation Board.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>According to the Current Valid Business License, Articles of Association and Prospectus of the Issuer (Updated 2021 Annual Report), the total share capital of the Issuer before the IPO was RMB885,426,756, the Issuer plans to issue no more than 98.39 million shares to the public, and the total share capital after the IPO will be no less than RMB30 million, conforming to the provisions of Paragraph 1 (2) of Article 2.1.1 of the Listing Rules of Science and Innovation Board.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">3.</font></font>According to the Prospectus (updated Version of 2021 Annual Report) and the Resolution of the Second Extraordinary General Meeting of the Issuer in 2021, the number of shares publicly issued by the Issuer will reach more than 10% of the total number of shares of the Issuer after closing, conforming to the provisions of Paragraph 1 (3) of Article 2.1.1 of the</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-55</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Listing Rules of Science and Innovation Board.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:12pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">4.</font></font>According to the Analysis Report of Haitong Securities Co., Ltd. on the Estimated Market Value of Beijing Tongmei Xtal Technology Co., Ltd. issued by Haitong Securities and in combination with the external equity financing of the Issuer during the Reporting Period, the estimated market value for the Offering and Listing of the Issuer is not less than RMB3 billion; according to the Updated Audit Report, the operating income of the Issuer in the most recent year is not less than RMB300 million, conforming to the market value and financial index standards specified in Item (4) of Paragraph 1 of Article 2.1.2 and Item (4) of Paragraph 1 of Article 2.1.1 of the Listing Rules of Science and Innovation Board.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">To sum up, we believe that the Offering and Listing of the Issuer this time conforms to the relevant provisions of the Securities Law, the Company Law, the Administrative Measures for Initial Registration and the Listing Rules of the Science and Innovation Board for initial public Offering and Listing on the Science and Innovation Board, and the Issuer still meets the substantive conditions for the Offering and Listing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">IV. Independence of the Issuer and Its Changes</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Updated Audit Report, the Updated Internal Control Report, Current Valid Business License, Articles of Association, Internal Governance Documents and Other Written Materials of the Issuer, as well as the lawyer&#39;s interview with the CFO of the Issuer, the Issuer&#39;s assets are independent and complete, and its business and personnel, the financial and institutional independence has not changed, and it has a complete business system and the ability to operate independently directly facing the market.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">V. Changes in Sponsors and Shareholders</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:181.35pt;text-align:justify;text-indent:-181.35pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(I)</font></font>Issuers and shareholders</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the industrial and commercial archives and other materials of the Issuer, as well as the Current Valid Business License/registration certificate, Articles of Association/Partnership Agreement, industrial and commercial registration materials of the Issuer&#8217;s shareholders, and verified by our lawyers, the changes in the Issuer&#8217;s basic information of shareholders from the issuance date of the Legal Opinion to the issuance date of the Supplementary Legal Opinion are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-56</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">1.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">AXT</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Register of Shareholders of AXT provided by the Issuer and the U.S. AXT&#8217;s Updated Legal Opinion, and through our lawyers&#8217; inquiry of the information publicized on the Website of the CSRC, as of 31 December 2021, AXT had issued a total of 42,885,831 ordinary shares and 883,000 preferred shares.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">As of December 31, 2021, the top five shareholders holding AXT common shares are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:22.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:7.79%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:47.09%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of Shareholder</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:19.82%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">shares (share)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:25.28%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion in common</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">shares (%)</b></p></th></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:7.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:47.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Dimensional Fund Advisors, L.P.</p></td><td style="vertical-align:middle;width:19.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3,007,836</p></td><td style="vertical-align:middle;width:25.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">7.01</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:7.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:47.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">BlackRock Institutional Trust Company, N.A.</p></td><td style="vertical-align:middle;width:19.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2,482,352</p></td><td style="vertical-align:middle;width:25.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5.79</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:7.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:47.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Wellington Management Group LLP</p></td><td style="vertical-align:middle;width:19.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2,098,281</p></td><td style="vertical-align:middle;width:25.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4.89</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:7.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:47.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The Vanguard Group, Inc.</p></td><td style="vertical-align:middle;width:19.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1,959,470</p></td><td style="vertical-align:middle;width:25.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4.57</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:7.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:47.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Needham Investment Management LLC</p></td><td style="vertical-align:middle;width:19.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1,547,850</p></td><td style="vertical-align:middle;width:25.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3.61</p></td></tr><tr style="height:22.7pt;"><td colspan="2" style="vertical-align:middle;width:54.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:19.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">11,095,789</b></p></td><td style="vertical-align:middle;width:25.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">25.87</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2021, the top five shareholders holding AXT preferred shares are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:7.35%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:47.87%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of Shareholder</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:19.49%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of </b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">shares (share)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:25.26%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion in</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">preferred shares (%)</b></p></th></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:7.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:47.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Opto-Tech Corp.</p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">124,100</p></td><td style="vertical-align:middle;width:25.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">14.05</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:7.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:47.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Robert Shih</p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">99,524</p></td><td style="vertical-align:middle;width:25.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">11.27</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:7.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:47.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chiug-Hsin Wu</p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">99,456</p></td><td style="vertical-align:middle;width:25.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">11.26</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:7.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:47.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Steven Lin</p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">78,806</p></td><td style="vertical-align:middle;width:25.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">8.92</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:7.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:47.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">James Lin</p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">78,806</p></td><td style="vertical-align:middle;width:25.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">8.92</p></td></tr><tr style="height:22.7pt;"><td colspan="2" style="vertical-align:middle;width:55.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">480,692</b></p></td><td style="vertical-align:middle;width:25.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">54.42</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">2.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Boyu Yingchuang</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-57</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">According to the Business License and Partnership Agreement of Boyu Yingchuang, and through the inquiry of our lawyers on the National Enterprise Credit Information Publicity System, Boyu Yingchuang is a limited partnership established according to the laws of China. As of the issuance date of the Supplementary Legal Opinion, the proportion of shares held by Boyu Yingchuang in the Issuer is 0.0248%, and the basic information is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Name:</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Boyu Yingchuang (Tianjin) Technology Development Partnership (limited partnership)</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Main Business Premises:</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Room 267-1, Building 3, Zhongguancun Science and Technology City Collaborative Development Center, the Intersection of Xihuan North Road and Tangtong Highway, Baodi District, Tianjin</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Unified Social Credit Code:</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">91120224MA077FBD95</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Executive Partner:</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Wang Xin</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Enterprise Type:</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Limited partnership</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Business Scope:</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">General items: technical services, technical development, technical consultation, technical Exchange, technology transfer and technology promotion; business management; and enterprise management consulting. (Except for the items to be approved according to law, the Company shall independently carry out business activities according to law with its Business License).</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Term of Business</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">December 18, 2020 to long term</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">As of the issue date of the Supplementary Legal Opinion, the property share structure of Boyu Yingchuang is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:27.21%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:23.69%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Type of partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:23.59%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Capital contribution</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">(RMB0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:25.48%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Percentage of capital</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">contribution</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">(%)</b></p></th></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:27.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">WANG Junyong</p></td><td style="vertical-align:middle;width:23.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:23.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">20</p></td><td style="vertical-align:middle;width:25.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">68.9655</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:27.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Wang Xin</p></td><td style="vertical-align:middle;width:23.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">General partner</p></td><td style="vertical-align:middle;width:23.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:25.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">31.0345</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;white-space:nowrap;width:27.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:23.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:23.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">29.00</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:25.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">100.00</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Boyu Yingchuang is the employee stock ownership platform of the Issuer, and the above partners are all employees of the Issuer.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">3.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Boyu Hengye</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-58</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">According to the Business License and Partnership Agreement of Boyu Hengye, and through the inquiry of our lawyer in the National Enterprise Credit Information Publicity System, Boyu Hengye is a limited partnership established according to the laws of China. As of the issuance date of the Supplementary Legal Opinion, the proportion of shares held by Boyu Hengye in the Issuer is 0.0719%, and the basic information is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Name:</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Boyu Hengye (Tianjin) Technology Development Partnership (limited partnership)</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Main Business Premises:</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Room 267-2, Building 3, Zhongguancun Science and Technology City Collaborative Development Center, the Intersection of Xihuan North Road and Tangtong Highway, Baodi District, Tianjin</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Unified Social Credit Code:</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">91120224MA077FBB2D</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Executive Partner:</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">WANG Yanjie</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Enterprise Type:</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Limited partnership</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Business Scope:</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">General items: technical services, technical development, technical consultation, technical Exchange, technology transfer and technology promotion; business management; and enterprise management consulting. (Except for the items to be approved according to law, the Company shall independently carry out business activities according to law with its Business License).</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Term of Business</b></p></td><td style="vertical-align:middle;width:69.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">December 18, 2020 to long term</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As of the issue date of the Supplementary Legal Opinion, the property share structure of Boyu Hengye is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:34.15%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:24.18%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Type of partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:16.68%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Capital</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">contribution</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">(RMB0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:24.97%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Percentage of capital</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">contribution</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(%)</b></p></th></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">WANG Juan</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">10.7143</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">YANG Huanping</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">10.7143</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">WANG Junyong</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">10.7143</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">LIAN Lu</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">10.7143</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">WANG Chun</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">10.7143</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">XU Mengjian</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">10.7143</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">LIU Shuyue</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">7.1429</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-59</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of partner</b></p></td><td style="vertical-align:middle;width:24.18%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Type of partner</b></p></td><td style="vertical-align:middle;width:16.68%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Capital</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">contribution</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">(RMB0&#8217;000)</b></p></td><td style="vertical-align:middle;width:24.97%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Percentage of capital</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">contribution</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(%)</b></p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">ZHANG Chunjing</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3.5714</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">LIU Ying</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3.5714</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">MAO Congjie</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3.5714</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">WU Dan</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3.5714</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">ZHANG Jiawei</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3.5714</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">WANG Yanjie</p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">General partner</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">10.7143</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;white-space:nowrap;width:34.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:24.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:16.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">84.00</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">100.00</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Boyu Hengye is the employee stock ownership platform of the Issuer, and the above partners are all employees of the Issuer.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">4.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Haitong New Energy</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">According to the Business License and Articles of Association of Haitong New Energy, and through the inquiry of our lawyers on the National Enterprise Credit Information Publicity System, Haitong New Energy is a limited liability company established according to the laws of China. As of the issuance date of the Supplementary Legal Opinion, the proportion of shares held by Haitong New Energy in the Issuer is 0.5201%, and the basic information is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Name:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Liaoning Haitong New Energy Low-carbon Industry Equity Investment Co., Ltd.</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Main Business Premises:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Room 812, No. 106 Qingnian Street, Shenhe District, Shenyang</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Unified Social Credit Code:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">91210103071526798U</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Legal Representative:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">CHENG Xiangting</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Registered Capital:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">RMB1 billion</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Enterprise Type:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Limited Liability Company</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-60</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Business Scope:</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Permitted business items: investment in unlisted enterprises, investment in non-public Offering of shares of listed companies and related consulting services. General business items: equity investment management, venture capital management, equity investment, debt investment related to equity investment, industrial investment, venture capital, participation in the establishment of equity investment enterprises, venture capital enterprises, and investment consulting. (Except for projects prohibited by laws and regulations and to be approved but not approved) (For projects that must be approved according to law, business activities can be carried out only with the approval of relevant departments.)</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Term of Business</b></p></td><td style="vertical-align:middle;width:69.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">August 08, 2013 to August 07, 2043</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">As of the issuance date of the Supplementary Legal Opinion, the equity structure of Haitong New Energy is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:44.16%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of Shareholder</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:27.03%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount of capital</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">contribution</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">(RMB0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:28.8%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Percentage of capital</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">contribution (%)</b></p></th></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:44.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Haitong Innovation Securities Investment Co., Ltd.</p></td><td style="vertical-align:middle;width:27.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">49,400</p></td><td style="vertical-align:middle;width:28.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">49.40</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:44.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Liaoning Energy Investment (Group) Co., Ltd.</p></td><td style="vertical-align:middle;width:27.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">49,000</p></td><td style="vertical-align:middle;width:28.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">49.00</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:44.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Liaoning Holding (Group) Co., Ltd.</p></td><td style="vertical-align:middle;width:27.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1,100</p></td><td style="vertical-align:middle;width:28.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1.10</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:44.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Haitong Investment Co., Ltd.</p></td><td style="vertical-align:middle;width:27.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">500</p></td><td style="vertical-align:middle;width:28.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">0.50</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;white-space:nowrap;width:44.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:27.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">100,000.00</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:28.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">100.00</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">5.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Gongqingcheng Yihua</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Business License and Partnership Agreement of Gongqingcheng Yihua, and through the inquiry of our lawyers on the National Enterprise Credit Information Publicity System, Gongqingcheng Yihua is a limited partnership established under the laws of China. As of the issuance date of the Supplementary Legal Opinion, Gongqingcheng Yihua has a shareholding of 0.1996% in the Issuer. The basic information is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Name:</b></p></td><td style="vertical-align:middle;width:69.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Gongqingcheng Yihua Tongze Investment Partnership (Limited Partnership)</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Main Business Premises:</b></p></td><td style="vertical-align:middle;width:69.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Gongqing City Foundation Town, Jiujiang, Jiangxi province</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Unified Social Credit Code:</b></p></td><td style="vertical-align:middle;width:69.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">91360405MA39RWYJ7Q</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Executive Partner:</b></p></td><td style="vertical-align:middle;width:69.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">WANG Yonggang</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Enterprise Type:</b></p></td><td style="vertical-align:middle;width:69.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Limited Partnership</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-61</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Business Scope:</b></p></td><td style="vertical-align:middle;width:69.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">General items: project investment, industrial investment. (Without the approval of the financial regulatory authorities, it is not allowed to engage in such financial services as deposit absorption, financing guarantee, financing on behalf of customers, and raising funds (financing) from the public.) (Except for the permitted business, it can independently carry out activities not prohibited or restricted by laws and regulations.)</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:30.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Term of Business</b></p></td><td style="vertical-align:middle;width:69.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">December 10, 2020 to December 9, 2070</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">As of the date hereof, the property share structure of Gongqingcheng Yihua is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:31.12%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.16%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Type of partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:20.68%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Capital</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">contribution</b><br><b style="font-weight:bold;">(RMB0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:27.02%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Percentage of capital</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">contribution</b><br><b style="font-weight:bold;">(%)</b></p></th></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:31.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">ZHOU Zhenhong</p></td><td style="vertical-align:middle;width:21.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:20.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">130.4386</p></td><td style="vertical-align:middle;width:27.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">14.6199</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:31.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">WANG Yanwei</p></td><td style="vertical-align:middle;width:21.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Limited partner</p></td><td style="vertical-align:middle;width:20.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">270.9109</p></td><td style="vertical-align:middle;width:27.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">30.3644</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:31.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">WANG Yonggang</p></td><td style="vertical-align:middle;width:21.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">General partner</p></td><td style="vertical-align:middle;width:20.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">490.8505</p></td><td style="vertical-align:middle;width:27.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">55.0157</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:31.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Total</p></td><td style="vertical-align:middle;width:21.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:20.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">892.20</b></p></td><td style="vertical-align:middle;width:27.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">100.00</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">There is no other change in the basic information of the Issuer&#39;s shareholders as of the issuance date of the Supplementary Legal Opinion, except for the above changes. The existing shareholders of the Issuer are qualified for shareholders and making capital contributions as stipulated in the Company Law and other relevant laws, regulations and normative documents.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:169.35pt;text-align:justify;text-indent:-169.35pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:34.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(II)</font></font>Controlling Shareholder and Actual Controller of the Issuer</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">1.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Controlling Shareholder of the Issuer</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Industrial and Commercial Registration File of the Issuer, the Articles of Association and the verification of our lawyers, as of the issuance date of the Supplementary Legal Opinion, AXT holds 757,153,721 shares of the Issuer, accounting for 85.5129% of the total share capital of the Issuer, and remains the controlling shareholder of the Issuer.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">2.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Actual controller of the Issuer</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Register of Shareholders of AXT and the U.S. AXT&#8217;s Updated Legal Opinion provided by the Issuer and verified by our lawyers, the situation that the Issuer has no actual controller has not changed as of the issuance date of the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-62</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">VI. Share Capital of the Issuer and its Evolution</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 21.55pt;">(I) Changes in equity of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Industrial and Commercial Registration File, the Register of Shareholders and the Articles of Association provided by the Issuer, the equity structure of the Issuer has not changed from the issuance date of the Legal Opinion to the issuance date of the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 21.55pt;">(II) Pledge of shares of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Industrial and Commercial Registration File and their explanations and commitments issued by the Issuer and the explanations and commitments issued by the shareholders of the Issuer, and through the inquiry of our lawyers on the National Enterprise Credit Information Publicity System, there is no case that the Issuer&#8217;s shareholders pledge the Issuer&#8217;s shares held by them as of the issuance date of the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">VII. Business of the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 21.55pt;">(I) Business scope and mode</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Prospectus (Updated 2021 Annual Report), the Updated Audit Report, the Current Valid Business License of the Issuer and its domestic holding subsidiaries, the supporting documents issued by the industry and commerce, taxation and other relevant government departments where the Issuer and its domestic holding subsidiaries are located, and the statements and commitments of the Issuer, through the inquiry of our lawyers on the National Enterprise Credit Information Publicity System for inquiry, and through the verification of our lawyers on the Business Qualification and License, Asset Ownership Certificate and Major Business Contracts of the Issuer, the business scope and main business of the Issuer have not changed from the issuance date of the Legal Opinion to the issuance date of the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In conclusion, we believe that the business scope and operation mode of the Issuer and its domestic holding subsidiaries comply with the provisions of relevant Chinese laws, regulations and normative documents.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 21.55pt;">(II) Overseas business</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-63</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Issuer&#8217;s description and the Legal Opinion on the U.S. Tongmei issued by Burks Johansson LLP during the Reporting Period (hereinafter referred to as the &#8220;Updated Legal Opinion of the U.S. Tongmei&#8221;), as of the issuance date of the Supplementary Legal Opinion, the Issuer&#8217;s overseas holding subsidiary, the U.S. Tongmei, is a company legally established and effectively existing according to the law of its place of registration, the business operations comply with the provisions of the law of the place of registration.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 21.55pt;">(III) Main business of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Prospectus (Updated 2021 Annual Report), the Updated Audit Report, the Business License, Industrial And Commercial File, Major Business Contracts and the Issuer&#8217;s instructions and commitments that have been changed since the establishment of the Issuer and its predecessor Tongmei Xtal, the Issuer&#8217;s main businesses are indium phosphide substrate, gallium arsenide substrate, germanium substrate, R &amp; D, production and sales of PBN materials and other high-purity materials as of the issuance date of the Supplementary Legal Opinion. The Issuer&#8217;s main business has not changed.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 21.55pt;">(IV) Main business qualification, certification or filing of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">After verification by our lawyers, as of the issuance date of the Supplementary Legal Opinion, the changes in business qualification, license, certification or filing obtained by the Issuer and its domestic subsidiaries are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>Updated business qualifications and licenses</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">&#9312;Hazardous Chemicals Business License</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:23.45pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:12.93%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Company</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Name</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:24.4%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Certificate No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.87%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Term of Validity</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.74%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Scope of License</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:22.03%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Issuing Authority</b></p></th></tr><tr style="height:22.95pt;"><td style="vertical-align:middle;width:12.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Beijing Tongmei</b></p></td><td style="vertical-align:middle;width:24.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">JTWHJZi [2022] 000011</b></p></td><td style="vertical-align:middle;width:18.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">March 17, 2022 to March 16, 2025</b></p></td><td style="vertical-align:middle;width:21.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gallium Arsenide</b></p></td><td style="vertical-align:middle;width:22.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Beijing Tongzhou Emergency Management Bureau</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">&#9313;Pollutant Discharge Permit/Pollutant Discharge Registration Receipt of Fixed Pollution Source</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-64</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.38%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Company</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Name</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:17.82%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Certificate</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Name</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:30.05%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Certificate No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:16.39%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Term of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Validity</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:22.34%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Issuing Authority</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:17.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Pollutant Discharge Permit</p></td><td style="vertical-align:middle;width:30.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">91130600MA08UNK83T001U</p></td><td style="vertical-align:middle;width:16.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">August 16, 2021 to August 15, 2026</p></td><td style="vertical-align:middle;width:22.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Administrative Review and Approval Bureau</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Xinmei</p></td><td style="vertical-align:middle;width:17.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Acknowledgment on Pollutant Discharge Registration of Fixed Pollution Sources</p></td><td style="vertical-align:middle;width:30.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">91211324MA10W1F79B001X</p></td><td style="vertical-align:middle;width:16.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">March 16, 2022 to March 15, 2027</p></td><td style="vertical-align:middle;width:22.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">National Information Platform for Pollutant Discharge Permit Management of the Ministry of Ecology and Environment</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">&#9314;Management System Certificate</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:23.45pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Company</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Name</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:14.88%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Certification</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Project</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.56%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Certificate</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:22.91%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Scope of Business</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:16.52%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Issuing</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Authority</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:15.82%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Term of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Validity</b></p></th></tr><tr style="height:23.45pt;"><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Tongmei</p></td><td style="vertical-align:middle;width:14.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Enterprise Intellectual Property Management System Certification</p></td><td style="vertical-align:middle;width:18.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">18120IP1535R0M</p></td><td style="vertical-align:middle;width:22.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">R &amp; D, production and sales of gallium arsenide, indium phosphide and germanium crystal rods and wafers, and intellectual property management related to the procurement of the above processes</p></td><td style="vertical-align:middle;width:16.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Zhonggui (Beijing) Certification Co., Ltd.</p></td><td style="vertical-align:middle;width:15.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 13, 2021 to December 27, 2023</p></td></tr><tr style="height:22.95pt;"><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Tongmei</p></td><td style="vertical-align:middle;width:14.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Quality management system certification (ISO9000)</p></td><td style="vertical-align:middle;width:18.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">CN21/11296</p></td><td style="vertical-align:middle;width:22.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Design and production of GaAs crystal rod and production of germanium crystal rod</p></td><td style="vertical-align:middle;width:16.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">SGS</p></td><td style="vertical-align:middle;width:15.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 07, 2021 to December 06, 2024</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-65</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.95pt;"><td style="vertical-align:middle;width:11.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Company</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Name</b></p></td><td style="vertical-align:middle;width:14.69%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Certification</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Project</b></p></td><td style="vertical-align:middle;width:19.3%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Certificate</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:22.73%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Scope of Business</b></p></td><td style="vertical-align:middle;width:16.33%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Issuing</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Authority</b></p></td><td style="vertical-align:middle;width:15.64%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Term of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Validity</b></p></td></tr><tr style="height:22.95pt;"><td style="vertical-align:middle;width:11.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Jinmei</p></td><td style="vertical-align:middle;width:14.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Quality management system certification (ISO9000)</p></td><td style="vertical-align:middle;width:19.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">01121Q30262R0M</p></td><td style="vertical-align:middle;width:22.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Design, development, production and service of gallium and its compound products; product design, development, production and service of indium and its compounds; production and service of boron oxide products</p></td><td style="vertical-align:middle;width:16.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">CESI Certification Co., Ltd.</p></td><td style="vertical-align:middle;width:15.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 15, 2021 to December 14, 2024</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:23.75pt;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.8pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>Cancelled business qualification and license</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:23.45pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:12.95%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Company</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Name</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:24.4%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Certificate</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.87%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Term of Validity</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.72%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Scope of License</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:22.03%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Issuing Authority</b></p></th></tr><tr style="height:22.95pt;"><td style="vertical-align:middle;width:12.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Nanjing Jinmei</p></td><td style="vertical-align:middle;width:24.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">S (N) WHJ Zi (J) 00303</p></td><td style="vertical-align:middle;width:18.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">July 4, 2019 to July 3, 2022</p></td><td style="vertical-align:middle;width:21.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Operation of Hazardous Chemicals</p></td><td style="vertical-align:middle;width:22.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Nanjing Jiangning Emergency Management Bureau</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As of the issuance date of the Supplementary Legal Opinion, the Issuer and its domestic subsidiaries have obtained the business qualifications and licenses required to carry out the main business. Other business qualifications and licenses of the Issuer and its domestic subsidiaries have not changed except for the above-mentioned changes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 24pt;">(V) The main business of the Issuer is outstanding</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Prospectus (Updated 2021 Annual Report), the Updated Audit Report and the statements and commitments of the Issuer, the main business income of the Issuer in 2019, 2020 and 2021 is RMB462.2079 million, RMB583.0872 million and RMB854.0444 million respectively, accounting for 99.99%, 99.99% and 99.61% of the Issuer&#8217;s operating income in the same period respectively. The operating income of the Issuer during the Reporting Period mainly comes from its main business income, and the Issuer&#8217;s main business is outstanding.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 24pt;">(VI) The sustainable operation ability of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-66</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Prospectus (Updated 2021 Annual Report), the Updated Audit Report, the Current Valid Business License of the Issuer and its domestic holding subsidiaries and the statements and commitments of the Issuer, and verified by our lawyers, as of the issuance date of this supplementary opinion, the Issuer has existed according to the law, and the main financial indicators of the Issuer are good without failure to pay due debts and legal obstacle affecting its sustainable operation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">VIII. Related Party Transactions and Horizontal Competition and Their Changes</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:181.35pt;text-align:justify;text-indent:-181.35pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(I)</font></font>Related party</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Company Law, the Accounting Standards for Business Enterprises No. 36- Disclosure of Related Parties, the Listing Rules of the Science and Innovation Board and other laws and regulations, the Updated Audit Report and the Issuer&#8217;s description, and verified by our lawyers, the Issuer&#8217;s main related parties include:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>Controlling Shareholder and Actual Controller</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As of the issuance date of the Supplementary Legal Opinion, the controlling shareholder of the Issuer is AXT, and the Issuer has no actual controller.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>Natural persons, legal representatives or other organizations that directly or indirectly hold more than 5% of the shares of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As of the issuance date of the Supplementary Legal Opinion, natural persons, legal representatives or other organizations directly holding more than 5% of the shares of the Issuer include AXT and Beijing Bomeilian. Furthermore, as of December 31, 2021, dimensional Fund Advisors LP and BlackRock Inc. indirectly held more than 5% of the shares of the Issuer through AXT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Zhongke Hengye holds 33.33% shares of Beijing Bomeilian. Meanwhile, He Junfang is the representative appointed by the shareholder holding 66.67% equity of Beijing Bomeilian, the limited partner and executive partner of Zhongke Hengye. Both Beijing Bomeilian and Zhongke Hengye are enterprises controlled by He Junfang, holding 5.2036% and 0.0977% shares of the Issuer respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">3.</font></font>Holding subsidiaries and joint-stock companies of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-67</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As of the issuance date of the Supplementary Legal Opinion, the Issuer has 9 holding subsidiaries, including Baoding Tongmei, Chaoyang Tongmei, Nanjing Jinmei, Chaoyang Jinmei, Beijing Boyu, Tianjin Boyu, Chaoyang Boyu, Chaoyang Xinmei and U.S. Tongmei, and 2 joint-stock companies including Xing&#8217;an Gallium Industry and Ma&#8217;anshan Gallium Industry.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">4.</font></font>Legal representative or other organizations directly holding more than 5% of the shares of the Issuer, legal representatives or other organizations directly or indirectly controlled</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As of the issuance date of the Supplementary Legal Opinion, the shareholders directly holding more than 5% of the shares of the Issuer are AXT and Beijing Bomeilian.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the U.S. AXT Updated Legal Opinion and the instructions of the Issuer, AXT holds 100% equity of Chaoyang Limei and Tandie Technologies, LLC and 90% equity of Ma&#8217;anshan Gallium Industry.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">5.</font></font>Directors, supervisors and senior managers of the Issuer and their close family members</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">For details of the current directors, supervisors and senior managers of the Issuer, see &#8220;XIV. Directors, Supervisors, Senior Managers and Core Technicians of the Issuer and Their Changes&#8221; in the Supplementary Legal Opinion. These personnel and their close family members are related parties of the Issuer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">6.</font></font>Directors, supervisors, senior managers or other major leaders of legal representatives or other organizations that directly or indirectly control the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">The controlling shareholder of the Issuer is AXT. According to the U.S. AXT Updated Legal Opinion, the public disclosure documents of AXT and the instructions of the Issuer, as of the Issuance Date of the Supplementary Legal Opinion, directors of AXT are MORRIS SHEN-SHIH YOUNG, David C. Chang, Jesse Chen, Christine Russell; MORRIS SHEN-SHIH YOUNG is the CEO of AXT, and Gary L. Fisher is the CFO and Secretary of AXT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">7.</font></font>The directors, supervisors, senior managers of the Issuer and their close family members, the legal representatives that directly or indirectly control the Issuer, or the directors, supervisors, senior managers or other major leaders of other organizations, who directly or indirectly control or have important influence, or the above-mentioned persons (except</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-68</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">independent directors) serve as directors&#8217; legal representatives or other organizations other than the Issuer and its subsidiaries of senior managers</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:25.65pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(1)</font></font>Legal representatives or other organizations other than the Issuer and its subsidiaries that are directly or indirectly controlled or have significant influence by the directors, supervisors and senior managers of the Issuer, or the above-mentioned persons (except independent directors) serve as directors and senior managers</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">According to the Questionnaire signed by the directors, supervisors and senior managers of the Issuer and inquired by our Attorney on the National Enterprise Credit Information Publicity System, as of the Issuance Date of the Supplementary Legal Opinion, the legal representatives or other organizations directly or indirectly controlled by the directors, supervisors and senior managers of the Issuer or having important influence are mainly as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:22.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:47.08%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Company Name</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:52.91%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Investment situations</b></p></th></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:47.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Liaoyan</p></td><td style="vertical-align:middle;white-space:normal;width:52.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director Wang Yuxin is the Executive Partner and holds 18.4783% of the partnership share</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:47.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Nanjing Jinchao Business Management Co., Ltd.</p></td><td style="vertical-align:middle;white-space:normal;width:52.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director Guo Tao holds 50% equity</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:47.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Chuang&#8217;an Microchip and Co., Ltd.</p></td><td style="vertical-align:middle;white-space:normal;width:52.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Zhao Lun, an independent director, holds 100% equity</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:47.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Hefei Jixin Business Management Partnership</p></td><td style="vertical-align:middle;white-space:normal;width:52.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Zhao Lun, an independent director, is the executive partner and holds 50% of the partnership share</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:47.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Chengdexin Certified Public Accountants (General Partnership)</p></td><td style="vertical-align:middle;white-space:normal;width:52.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Pang Fengzheng, an independent director, is the executive partner, holding 65% of the partnership share</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:47.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Xinda Jiayuan Tax Accountant Agent Co., Ltd.</p></td><td style="vertical-align:middle;white-space:normal;width:52.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Pang Fengzheng, an independent director, holds 93% equity</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">The situation of legal representatives or other organizations other than the Issuer and its subsidiaries in which the directors, supervisors and senior managers of the Issuer serve as directors and senior managers. For details, please refer to &#8220;(I) the employment and part-time work of the current directors, supervisors and senior managers of the Issuer&#8221; in &#8220;XIV. Directors, Supervisors, Senior Managers and Core Technicians of the Issuer and Their Changes&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:25.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(2)</font></font>Legal representatives or other organizations other than the Issuer and its subsidiaries that are directly or indirectly controlled or have important influence by the close family</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-69</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">members of the directors, supervisors and senior managers of the Issuer, or the above-mentioned persons (except independent directors) serve as directors and senior managers</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:26.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:19.44%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:22.78%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Relationship</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:35.97%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Controlling or serving entity</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.79%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Control or position</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Zhou Hongyu</p></td><td style="vertical-align:middle;width:22.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Spouse of director Wang Yuxin</p></td><td style="vertical-align:middle;width:35.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Zhiheng Anye Technology Co., Ltd.</p></td><td style="vertical-align:middle;width:21.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Manager, Executive Director, holding 100% equity</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Song Guizhou</p></td><td style="vertical-align:middle;width:22.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Younger brother of the spouse of independent director Liu Yanfeng</p></td><td style="vertical-align:middle;width:35.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Cangzhou Hancheng Electronic Equipment Co., Ltd.</p></td><td style="vertical-align:middle;width:21.79%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Manager, Executive Director, holding 80% equity</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:23.75pt;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:25.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(3)</font></font>Legal representatives or other organizations other than the Issuer and its subsidiaries that are directly or indirectly controlled or have significant influence by AXT&#8217;s directors, supervisors, senior managers or other main leaders, or the above-mentioned persons (except independent directors) serve as directors and senior managers</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:17.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:17.87%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">AXT positions</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:43.88%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Controlling or serving entity</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:20.39%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Control or position</b></p></th></tr><tr style="height:21.05pt;"><td rowspan="3" style="vertical-align:middle;width:17.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Gary L. Fischer</p></td><td rowspan="3" style="vertical-align:middle;width:17.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">CFO and Secretary</p></td><td style="vertical-align:middle;width:43.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Dongfang Hi-purity</p></td><td style="vertical-align:middle;width:20.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:43.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Maanshan Gallium</p></td><td style="vertical-align:middle;width:20.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:43.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Tandie Technologies, LLC</p></td><td style="vertical-align:middle;width:20.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">CFO and Secretary</p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:17.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Christine Russell</p></td><td rowspan="2" style="vertical-align:middle;width:17.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:43.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">QuickLogic Corporation</p></td><td style="vertical-align:middle;width:20.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:43.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">eGain Communications Corporation</p></td><td style="vertical-align:middle;width:20.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:17.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">David C. Chang</p></td><td rowspan="3" style="vertical-align:middle;width:17.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:43.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Global Maximum Educational Opportunities, Inc.</p></td><td style="vertical-align:middle;width:20.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chairman and CEO</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:43.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">American Councils for International Education</p></td><td style="vertical-align:middle;width:20.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:43.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Committee of 100</p></td><td style="vertical-align:middle;width:20.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director, Secretary</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:17.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Jesse Chen</p></td><td rowspan="3" style="vertical-align:middle;width:17.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:43.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Silicon Valley Taiwan Angels</p></td><td style="vertical-align:middle;width:20.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Founding Chairman</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:43.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">NCKU North America Alumni Foundation</p></td><td style="vertical-align:middle;width:20.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director and Chairman</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:43.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">NCKU Global Academia-Industry Alliance</p></td><td style="vertical-align:middle;width:20.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chairman</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">8.</font></font>Other related parties</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Except for the above-mentioned related parties, other related parties of the Issuer also include natural persons, legal representatives or other organizations that have been associated</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-70</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">with the Issuer during the Reporting Period, as well as other special relationships with the Issuer identified according to the principle of substance over form, which may lead to the preference of the interests of the Issuer, or within 12 months before the date of transaction, or within 12 months after the relevant transaction agreement takes effect or the arrangement is implemented, it shall be regarded as the related party of the Issuer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">During the Reporting Period, main other related parties of the Issuer are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:5.28%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:54.14%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of related party</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:40.57%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Related relationship</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;white-space:nowrap;width:54.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">WEI GUO LIU</p></td><td style="vertical-align:middle;width:40.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Once served as the director of the Company</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;white-space:nowrap;width:54.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">DAVIS SHANXIANG ZHANG</p></td><td style="vertical-align:middle;width:40.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Once served as the director of the Company</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;white-space:nowrap;width:54.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">He Jianwu</p></td><td style="vertical-align:middle;width:40.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Once served as the supervisor of the Company</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;white-space:nowrap;width:54.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Ulrich Goetz</p></td><td style="vertical-align:middle;width:40.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">He was a minority shareholder of Beijing Boyu</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;white-space:nowrap;width:54.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Zhiheng Xingda Technology Co., Ltd.</p></td><td style="vertical-align:middle;width:40.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Director Wang Yuxin once served as Executive Director and General Manager, holding 50% equity; the Company was cancelled on August 23, 2021</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;white-space:nowrap;width:54.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Liaoning Zhonglan Opto-electronics Technology Co., Ltd.</p></td><td style="vertical-align:middle;width:40.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director Wang Huan once served as a director</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;white-space:nowrap;width:54.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Ningbo Ronbay Lithium Battery Material Co., Ltd.</p></td><td style="vertical-align:middle;width:40.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director Wang Huan once served as a director</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;white-space:nowrap;width:54.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Xinshuo Business Co., Ltd.</p></td><td style="vertical-align:middle;width:40.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Minority shareholders of Chaoyang Xinmei</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;white-space:nowrap;width:54.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Donghai Juqing Trading Co., Ltd.</p></td><td style="vertical-align:middle;width:40.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">A wholly-owned subsidiary of Li Bo, the controlling shareholder of Dongfang Hi-purity</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">10</p></td><td style="vertical-align:middle;white-space:nowrap;width:54.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Shanxi Zhaofeng Gallium Co., Ltd.</p></td><td style="vertical-align:middle;width:40.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director MORRIS SHEN-SHIH YOUNG worked as the director before</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">11</p></td><td style="vertical-align:middle;white-space:nowrap;width:54.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Leonard J. LeBlanc</p></td><td style="vertical-align:middle;width:40.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Former AXT director</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:181.35pt;text-align:justify;text-indent:-181.35pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(II)</font></font>Related party transactions</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Updated Audit Report, the related party transaction related agreements, financial vouchers, internal decision-making procedure documents performed by the Issuer on</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-71</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">such related party transactions and other relevant materials provided by the Issuer, as well as the instructions of the Issuer, and verified by our Attorney, the main related party transactions between the Issuer and related parties during the Reporting Period are detailed in Part IX of the Attorney&#8217;s Work Report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">After verification by our Attorney, the Issuer held the Second Extraordinary General Meeting of Shareholders in 2021 on December 15, 2021, deliberated and approved the proposal on confirming the related party transactions of the Company from January 1, 2018 to June 30, 2021, and confirmed the related party transactions of the Issuer between January 1, 2018 and June 30, 2021; the Issuer held the 11th Meeting of the First Board of Directors on March 15, 2022, deliberated and approved the proposal on confirming the connected transactions of the Company in 2021, and confirmed the connected transactions of the Issuer in 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:181.35pt;text-align:justify;text-indent:-181.35pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(III)</font></font>Horizontal competition</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As of the Issuance Date of the Supplementary Legal Opinion, the controlling shareholder of the Issuer is AXT, holding 757,153,721 shares of the Issuer, accounting for 85.5129% of the total share capital of the Issuer; the Issuer has no actual controller.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Statement &amp; Confirmation Letter issued by AXT, the controlling shareholder of the Issuer, our Attorney interviewed AXT&#39;s Chairman and inquired on the National Enterprise Credit Information Publicity System, as of the Issuance Date of the Supplementary Legal Opinion, except for the Issuer and its holding subsidiaries, the foreign investment enterprises of AXT include Chaoyang Limei, Tandie Technologies, LLC, Ma&#8217;anshan Gallium Industry, Beijing Jiya, Tongli Germanium, Jiamei Hi-purity and Dongfang Hi-purity, among which Chaoyang Limei, Tandie Technologies, LLC and Maanshan Gallium Industry are enterprises controlled by AXT without substantive business operation at present. As of the Issuance Date of the Supplementary Legal Opinion, there is no horizontal competition between the Issuer, controlled by controlling shareholder and other enterprises.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:48pt;text-align:justify;text-indent:-48pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(IV)</font></font>Disclosure of related party transactions and horizontal competition</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-72</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">by the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">After verification by our Attorney, as of the Issuance Date of the Supplementary Legal Opinion, connected transactions and measures of the Issuer to avoid horizontal competition have been fully disclosed in the Prospectus (2021 Updated Annual Report), without major omission or concealment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">IX. Main Properties of the Issuer and Their Changes</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:75pt;text-align:justify;text-indent:-75pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(I)</font></font>Self-owned real estate and land use right</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the List of Buildings, Property Right Certificate, Real Estate Registration Query Results, Updated Audit Report and American Tongmei Updated Legal Opinion provided by the Issuer and verified by our Attorney, the Issuer and its holding subsidiaries added a total of 1 land use right that has obtained the ownership certificate from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion, the total area of use right is 66,926 m<sup style="font-size:9pt;vertical-align:top;">2</sup>. For details of such new land use rights that have obtained ownership certificates, see &#8220;Annex I: the Issuer and its holding subsidiaries add land use rights that have obtained ownership certificates&#8221; in the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Some supporting buildings of Baoding Tongmei single crystal wafer and related semiconductor material production project (Phase I and Part I) have completed the completion acceptance procedures, and the real estate property right certificate is handled at present. These buildings specifically include chemical warehouse, waste solvent warehouse, solid waste warehouse/ hazardous waste warehouse, water treatment and heating station, with a total construction area of 3,766.03 m<sup style="font-size:9pt;vertical-align:top;">2</sup>. According to the Construction Project Planning Permit, Construction Project Construction Permit and other relevant construction procedure documents provided by Baoding Tongmei and the Filing Certificate of Completion Acceptance of Construction Projects in Hebei Province issued by Dingxing County Administrative Review and Approval Bureau, and confirmed by the interview of our Attorney with the relevant leaders,</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-73</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">it is expected that there is no substantive obstacle for these buildings to apply for the Real Estate Ownership Certificate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">The auxiliary buildings of 300 Tons High-Purity Semiconductor Preliminary Material Production Project of Chaoyang Jinmei are under the completion acceptance procedures, and the Real Estate Property Right Certificate will be handled after the acceptance is completed according to law. These buildings are mainly used for office, with a total construction area of 1,826.19 m<sup style="font-size:9pt;vertical-align:top;">2</sup>. According to the construction permit and other relevant construction procedure documents provided by Chaoyang Jinmei, and confirmed by the interview of our Attorney with the relevant leaders, it is expected that there is no substantive obstacle for these buildings to apply for the Real Estate Ownership Certificate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:75pt;text-align:justify;text-indent:-75pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(II)</font></font>Leased property and land use right</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Legal Opinion of American Tongmei and the instructions of the Issuer, there was no change in the lease of main real estate from the Issuer and its holding subsidiaries to a third party from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:75pt;text-align:justify;text-indent:-75pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(III)</font></font>Construction in progress</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Updated Audit Report, materials and instructions provided by the Issuer, as of December 31, 2021, the Issuer&#39;s projects under construction include Inp Crystal Growth and Wafer Processing and Production Expansion Project, Germanium Crystal Growth and Wafer Processing and Production Expansion Project, Gallium Arsenide Crystal Synthesis and Growth and Wafer Processing and Expansion Project, Monocrystalline Wafer and Related Semiconductor Material Production Project, PBN Product Project I, PBN Product Project II, Gallium Arsenide Crystal Semiconductor Material Production Project, Indium Phosphide Single Crystal Chip Production Project, High-Purity Semiconductor Preliminary Material Production Project, High-Purity Arsenic Project and others. The total book balance is RMB225,461,715.01.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-74</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2021, the book balance of Chaoyang Xinmei High-purity Arsenic Project under construction was RMB54,288,877.91. As of the Issuance Date of the Supplementary Legal Opinion, the project has obtained the Construction Land Planning License, the Construction Project Planning License, and the Real Estate Property Right Certificate (the content of the certificate is the use right of state-owned construction land) and the Construction Project Construction License, with the House Property Right Certificate and other procedures to be handled after completion and acceptance of the project. The Management Committee of Chaoyang Kazuo Economic Development Zone issued the Compliance Certificate on February 11, 2022, confirming that Chaoyang Xinmei expects that there are no substantive obstacles in the handling of the House Property Right Certificate, and the unit will not punish Chaoyang Xinmei and its related personnel; Chaoyang Xinmei has no violations of laws and regulations as of July 1, 2021 to the Issuance Date of this certificate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:63pt;text-align:justify;text-indent:-63pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:34.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(IV)</font></font>Intellectual Property Right</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">1.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Registered trademark</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Trademark Registration Certificate provided by the Issuer and the trademark file issued by the State Intellectual Property Office, and through the inquiry of our Attorney on China Trademark Network (Website: http://sbj.cnipa.gov.cn/sbcx/), the Issuer and its holding subsidiaries acquired 17 new registered trademarks in China from October 1, 2021 to February 28, 2022. For details, see &#8220;Annex II: new registered trademarks of the Issuer and its holding subsidiaries&#8221; in the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">After verification, we believe that the Issuer and its holding subsidiaries legally own the above-mentioned new registered trademarks in China, without restrictions on the rights of pledge, judicial seizure and other registered trademarks.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">2.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Patent</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Patent Certificate provided by the Issuer and the certificate issued by the State Intellectual Property Office, and through the inquiry of our Attorney on the China and</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-75</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Global Patent Examination Information Inquiry (Website: http://cpquery.sipo.gov.cn/), the Issuer and its holding subsidiaries added 37 patents granted with patent rights in China, and one patent has expired during the period from October 1, 2021 to February 28, 2022. For the details of these new patents, see &#8220;Annex III: new patents of the Issuer and its holding subsidiaries&#8221; of the Supplementary Legal Opinion. The details of expired patents are as follows:</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.47%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-weight:bold;">Patentee</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:24.85%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="color:#333333;font-weight:bold;">Patent Name</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.92%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="color:#333333;font-weight:bold;">Patent</b><b style="color:#333333;font-weight:bold;"><br></b><b style="color:#333333;font-weight:bold;">Type</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:17.67%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="color:#333333;font-weight:bold;">Patent Number</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.67%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="color:#333333;font-weight:bold;">Date of</b><b style="color:#333333;font-weight:bold;"><br></b><b style="color:#333333;font-weight:bold;">patent</b><b style="color:#333333;font-weight:bold;"><br></b><b style="color:#333333;font-weight:bold;">application</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:16.39%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="color:#333333;font-weight:bold;">Date of</b><b style="color:#333333;font-weight:bold;"><br></b><b style="color:#333333;font-weight:bold;">Authorization</b><b style="color:#333333;font-weight:bold;"><br></b><b style="color:#333333;font-weight:bold;">proclamation</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:13.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;">Issuer</p></td><td style="vertical-align:middle;width:24.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#30495;&#31354;&#21560;&#38468;&#38518;&#29943;&#31227;&#21160;&#30424;&#25243;&#20809;&#26426;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;">Utility model</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;">2012200402487</p></td><td style="vertical-align:middle;width:13.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;">February 8, 2012</p></td><td style="vertical-align:middle;white-space:nowrap;width:16.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 3pt 0pt;">October 3, 2012</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Updated Legal Opinion of Tongmei and the Patent Verification Opinion issued by Clements Bernard Walker PLLC, Studio Torta S.p.A, RYUKA IP LAW FIRM and Tsai, Lee &amp; Chen&#8217;s International Trademark and Patent Office, the patents owned by the Issuer and its holding subsidiaries outside China have not changed from October 1, 2021 to February 28, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">After verification, we believe that as of February 28, 2022, the Issuer and its holding subsidiaries legally own the above newly granted patents in China, and the newly granted patents in China are not subject to pledge, judicial seizure and other rights restrictions.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">3.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Computer software copyright</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Computer Software Copyright Certificate provided by the Issuer and the general query results of computer software registration issued by the Software Copyright Department of China Copyright Protection Center, and through the inquiry of our Attorney on the China Copyright Registration Query Service Platform (Website: https://register.ccopyright.com.cn/query.html), the copyright of computer software owned by the Issuer and its holding subsidiaries has not changed from October 1, 2021 to February 28, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-76</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">4.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Domain name</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the domain name certificate provided by the Issuer and registered in the Domain Name Information Filing Management System of the Ministry of Industry and Information Technology (Website: http://www.beian.miit.gov.cn) according to the inquiry, the domain names owned by the Issuer and its holding subsidiaries remained unchanged from October 1, 2021 to February 28, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:75pt;text-align:justify;text-indent:-75pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(V)</font></font>Main production and operation equipment</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Updated Audit Report and the list of fixed assets provided by the Issuer, as of December 31, 2021, main production and operation equipment of the Issuer includes machinery and equipment, tools and instruments, means of transport and office equipment. The book value of machinery and equipment is RMB125.8119 million, the book value of tools and instruments is RMB16.5558 million, and the book value of transport means is RMB1.6846 million, the book value of office equipment is RMB1.4973 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the instructions of the Issuer and confirmation, and after our Attorney spot checked the purchase certificates of the main production and operation equipment of the Issuer and its domestic holding subsidiaries, and checked some operation equipment on the spot, we believe that the Issuer and its domestic holding subsidiaries have the main equipment required for production and operation according to law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:63pt;text-align:justify;text-indent:-63pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:34.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(VI)</font></font>Subsidiaries, branches and joint-stock companies of the Issuer</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">1.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subsidiary</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">The changes in the basic information of the subsidiaries of the Issuer from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:25.65pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(1)</font></font>Chaoyang Xinmei</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:48pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#9312;</font></font>Basic information</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-77</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">According to the Business License and Articles of Association of Chaoyang Xinmei, and through the inquiry of our Attorney in the National Enterprise Credit Information Publicity System, as of the Issuance Date of the Supplementary Legal Opinion, the basic information of Chaoyang Xinmei is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Name:</b></p></td><td colspan="3" style="vertical-align:middle;width:70.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Xinmei High Purity Semiconductor Material Co., Ltd.</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Unified Social Credit Code:</b></p></td><td colspan="3" style="vertical-align:middle;width:70.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">91211324MA10W1F79B</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Legal Representative:</b></p></td><td colspan="3" style="vertical-align:middle;width:70.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Domicile:</b></p></td><td colspan="3" style="vertical-align:middle;width:70.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Kazuo Economic Development Zone, Chaoyang City, Liaoning Province</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Registered Capital:</b></p></td><td colspan="3" style="vertical-align:middle;width:70.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">RMB 50,769,200</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Type of Company:</b></p></td><td colspan="3" style="vertical-align:middle;width:70.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Limited Liability Company (Invested or held by a natural person)</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Business Scope:</b></p></td><td colspan="3" style="vertical-align:middle;width:70.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">General items: manufacturing of non-metallic mineral products, import and export of goods, import and export of Technology (except for items subject to approval according to law, carry out business activities independently according to law with Business License)</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Date of establishment:</b></p></td><td colspan="3" style="vertical-align:middle;width:70.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">February 1, 2021</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Term of operation:</b></p></td><td colspan="3" style="vertical-align:middle;width:70.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">February 1, 2021 to January 31, 2071</p></td></tr><tr style="height:22.7pt;"><td rowspan="5" style="vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Equity structure:</b></p></td><td style="vertical-align:middle;width:11.29%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:38.7%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of Shareholder</b></p></td><td style="vertical-align:middle;width:20.72%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Shareholding</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Percentage (%)</b></p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:38.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:20.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">58.50</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:38.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Xinshuo Business Co., Ltd.</p></td><td style="vertical-align:middle;width:20.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">39.00</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:38.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Donghai Huafei Enterprise Management Consulting Co., Ltd.</p></td><td style="vertical-align:middle;width:20.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2.50</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:29.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:50%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:20.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">100.00</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">&#9313; Changes</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On December 26, 2021, Chaoyang Xinmei held a Shareholders&#8217; Meeting and decided to increase the registered capital from RMB20 million to RMB50.7692 million, of which the Issuer subscribed RMB18 million in cash and Chaoyang Xinshuo Business Co., Ltd. subscribed RMB12 million in cash, Donghai Huafei Enterprise Management Consulting Co., Ltd. subscribed RMB769,200 in cash; the New Articles of Association were approved.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-78</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On December 28, 2021, the Issuer, Chaoyang Xinshuo Business Co., Ltd. and Donghai Huafei Enterprise Management Consulting Co., Ltd. signed the Capital Increase Agreement and the Articles of Association of Chaoyang Xinmei High Purity Semiconductor Material Co., Ltd.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On January 7, 2022, Chaoyang Xinmei obtained the Business License renewed by the Market Supervision and Administration Bureau of Karaqin Left Wing Mongolian Autonomous County.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">After this change, the equity structure of Chaoyang Xinmei is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:21.15pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:7.85%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:40.91%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of Shareholder</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:27.08%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Subscribed capital</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">contribution</b><br><b style="font-weight:bold;">(RMB0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:24.14%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Shareholding</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Percentage</b><br><b style="font-weight:bold;">(%)</b></p></th></tr><tr style="height:27.6pt;"><td style="vertical-align:middle;width:7.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:40.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:27.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2,970.00</p></td><td style="vertical-align:middle;width:24.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">58.50</p></td></tr><tr style="height:27.6pt;"><td style="vertical-align:middle;width:7.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:40.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Xinshuo Business Co., Ltd.</p></td><td style="vertical-align:middle;width:27.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1,980.00</p></td><td style="vertical-align:middle;width:24.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">39.00</p></td></tr><tr style="height:27.6pt;"><td style="vertical-align:middle;width:7.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:40.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Donghai Huafei Enterprise Management Consulting Co., Ltd.</p></td><td style="vertical-align:middle;width:27.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">126.92</p></td><td style="vertical-align:middle;width:24.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2.50</p></td></tr><tr style="height:27.6pt;"><td colspan="2" style="vertical-align:middle;width:48.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:27.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">5,076.92</b></p></td><td style="vertical-align:middle;width:24.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">100.00</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Except for the above circumstances, the basic information of the subsidiaries of the Issuer has not changed from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">2.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subsidiary</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">From the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion, the basic information of the Issuer and its subsidiaries has not changed.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:42pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:21pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">3.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Joint stock company</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:48pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(1)</font></font>Maanshan Gallium</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-79</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On February 24, 2022, Ma&#8217;anshan Gallium held a board meeting, which resolved to de-register Maanshan Gallium and set up a liquidation group to liquidate the creditor&#8217;s rights and debts of Maanshan Gallium.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On March 10, 2022, Ma&#8217;anshan Taxation Bureau of the State Taxation Administration issued the Tax Clearance Certificate (MSESQQ [2022] No. 6655), confirming that all tax matters of Maanshan Gallium have been settled.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As of the Issuance Date of the Supplementary Legal Opinion, the cancellation of Ma&#8217;anshan Gallium Industry is in progress.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Except for the above circumstances, the basic situation of the holding companies of the Issuer have not changed from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:75pt;text-align:justify;text-indent:-75pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(VII)</font></font>Restrictions on the ownership or use of major property</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Real Estate Ownership Certificate, real estate register, mortgage agreement and the instructions and commitments of the Issuer provided by the Issuer, and verified by our Attorney, there was no significant change in the restriction of rights of the main property owned by the Issuer and its holding subsidiaries from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">X. Significant Changes in the Debt of the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:75pt;text-align:justify;text-indent:-75pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(I)</font></font>Changes in major contracts</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the contracts or order documents provided by the Issuer, for the major contracts performed and under performance by the Issuer and its holding subsidiaries, see Annex XI to the Attorney&#8217;s Work Report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the instructions of the Issuer and commitments, the Legal Opinions issued by overseas Attorney, and our Attorney checked relevant contracts, conducting interviews or</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-80</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">letters with the Issuer&#39;s main customers and suppliers on whether they have an association relationship with the Issuer, the performance of agreements between them and the Issuer, and interviewing the Issuer&#8217;s senior managers, the contents and forms of the above major Contracts do not violate the prohibitive provisions of laws and administrative regulations; among the major Contracts being performed by the Issuer, there are still some Contracts signed by Tongmei Xtal and the Issuer is established by the overall change of Tongmei Xtal and is the successor of the rights and obligations of Tongmei Xtal therefore, as the subject of the above major Contracts, there are no substantive legal obstacles to the performance of such contracts.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:75pt;text-align:justify;text-indent:-75pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(II)</font></font>Debt of major infringement</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the certificates issued by the relevant competent departments of industry and commerce, taxation, social insurance and housing provident fund of the Issuer and its domestic holding subsidiaries, as well as the instructions and commitments of the Issuer, and through the inquiry of our Attorney on the official websites of the relevant competent departments of the Issuer and its domestic holding subsidiaries, China Judgement Online, China Execution Information Disclosure Website, the inquiry of CREDITCHINA and other websites and the interview with the relevant leaders of the Issuer confirmed that the Issuer and its domestic holding subsidiaries had no major infringement debts due to intellectual property rights, product quality, labor safety, personal rights and other reasons during the Reporting Period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:48pt;text-align:justify;text-indent:-48pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(III)</font></font>Significant creditor&#8217;s rights and debt relationship and guarantee between the Issuer and related parties</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Updated Audit Report and the instructions of the Issuer and commitments, there is no other major creditor&#39;s right and debt relationship between the Issuer and its related parties or other mutual guarantee between the Issuer and its related parties during the period from July 1, 2021 to December 31, 2021, except as disclosed in the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:48pt;text-align:justify;text-indent:-48pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(IV)</font></font>Legality of other receivables and other payables with large amount</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-81</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">of Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Updated Audit Report and the instructions of the Issuer, as of December 31, 2021, according to the data of the consolidated financial statements, the Issuer&#39;s other receivables were RMB1.2414 million and other payables were RMB180.7546 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the details, descriptions and commitments of other receivables and other payables provided by the Issuer and verified by our Attorney, except for the capital transactions of related parties disclosed in the Supplementary Legal Opinion, other receivables and other payables with large amount of the Issuer occur due to normal business activities, which are legal and effective.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XI. Significant Asset Changes and Mergers and Acquisitions of the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the explanation of the Issuer and the verification of our Attorney, the Issuer has no major asset acquisition or sale from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion, and there are no plans or arrangements for the proposed major asset replacement, asset stripping, major asset sale or acquisition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XII. Amendment to the Articles of Association of the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Articles of Association, Industrial and Commercial File, Meeting Documents and other materials provided by the Issuer and the instructions of the Issuer, and through the inquiry of our Attorney on the National Enterprise Credit Information Publicity System for inquiry, the Articles of Association of the Issuer have not been modified from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XIII. Rules of Procedure and Regulated Operation of the General Meeting of Shareholders, the Board of Directors and the Board of Supervisors of the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the confirmation of the Issuer and the verification of the Meeting Documents of the Issuer by our Attorney, from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-82</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(I) The organizational structure of the Issuer has not changed;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(II) The contents of the rules of procedure of the General Meeting of Shareholders, the Board of Directors and the Board of Supervisors of the Issuer have not changed;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(III) The Issuer does not hold the General Meeting of Shareholders, but held 4 Meetings of the Board of Directors and 3 Meetings of the Board of Supervisors. The main information is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:34.6pt;text-align:justify;text-indent:-34.6pt;margin:0pt 0pt 12pt 28.35pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:19.95pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>Board of Directors</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">According to the relevant documents of the Board of Directors provided by the Issuer, the Board of Directors of the Issuer held 4 meetings from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion. The details are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:8.63%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:46.95%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Conference Name</b></p></td><td style="vertical-align:middle;width:44.41%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Meeting Time</b></p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:46.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The 9th Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:44.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 31, 2021</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:46.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The 10th Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:44.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">February 28, 2022</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:46.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The 11th Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:44.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">March 15, 2022</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:8.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:46.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The 12th Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:44.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">March 24, 2022</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:34.6pt;text-align:justify;text-indent:-34.6pt;margin:0pt 0pt 12pt 28.35pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:19.95pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>Board of Supervisors</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">The Board of Supervisors of the Issuer held 3 Meetings from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion according to the relevant documents of the Board of Supervisors provided by the Issuer. The details are as follows:</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:9.45%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:46.69%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Conference Name</b></p></td><td style="vertical-align:middle;width:43.85%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Meeting Time</b></p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:9.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:46.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The 10th Meeting of the First Board of Supervisors</p></td><td style="vertical-align:middle;width:43.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 31, 2021</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:9.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:46.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The 11th Meeting of the First Board of Supervisors</p></td><td style="vertical-align:middle;width:43.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">March 15, 2022</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-83</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:8.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:47.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The 12th Meeting of the First Board of Supervisors</p></td><td style="vertical-align:middle;width:43.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">March 24, 2022</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the documents and materials provided by the Issuer, such as the convening notice, meeting proposal, meeting resolution and meeting minutes of the above-mentioned Board of Directors and Board of Supervisors, we believe that the convening, resolution content and signing of the above-mentioned Board of Directors and Board of Supervisors of the Issuer are legal, compliant, true and effective.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XIV. Directors, Supervisors, Senior Managers and Core Technicians of the Issuer and Their Changes</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:48pt;text-align:justify;text-indent:-48pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(I)</font></font>The current directors, supervisors and senior managers of the Issuer&#8217;s tenure and part-time jobs</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">As of the Issuance Date of the Supplementary Legal Opinion, the Board of Directors of the Issuer is composed of 9 directors, including 3 independent directors; the Board of Supervisors of the Issuer consists of 3 supervisors, including one employee representative supervisor; there are five senior managers of the Issuer, including Liu Wensen as the General Manager, Wang Yuxin and Guo Tao as the Deputy General Managers, Hao Ze as the Deputy General Manager and CFO, and Song Jing as the Deputy General Manager and Secretary of the Board of Directors. According to the Questionnaire signed by the above personnel, the positions and other main part-time jobs of the above personnel in the Issuer are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-84</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:6.58%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:12.02%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name</b></p></th><th colspan="2" style="font-weight:normal;text-align:left;vertical-align:middle;width:11.46%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Position</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">in the</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Issuer</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:38.27%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main part-time units</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:15.85%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Concurrent</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">position</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:15.8%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Relationship</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">between part-</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">time units and</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Issuer</b></p></th></tr><tr style="height:22.7pt;"><td rowspan="8" style="vertical-align:middle;width:6.58%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td rowspan="8" style="vertical-align:middle;width:12.02%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td><td colspan="2" rowspan="8" style="vertical-align:middle;width:11.46%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chairman</p></td><td style="vertical-align:middle;width:38.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chairman and CEO</p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Controlling shareholders</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.58%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.02%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="display:none;vertical-align:middle;width:11.46%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:38.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Tandie Technologies, LLC</p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">CEO</p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Controlling shareholder holding subsidiary</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.58%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.02%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="display:none;vertical-align:middle;width:11.46%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:38.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Dongfang Hi-purity</p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The company where the Director MORRIS SHEN-SHIH YOUNG works as the director</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.58%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.02%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="display:none;vertical-align:middle;width:11.46%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:38.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Xing&#8217;an Gallium</p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Joint stock company</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.58%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.02%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="display:none;vertical-align:middle;width:11.46%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:38.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Maanshan Gallium</p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director, General Manager</p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">holding companies, controlling shareholders and subsidiaries</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.58%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.02%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="display:none;vertical-align:middle;width:11.46%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:38.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Limei</p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Managers and Executive Directors</p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Controlling shareholder holding subsidiary</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.58%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.02%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="display:none;vertical-align:middle;width:11.46%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:38.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Jiya</p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Vice Chairman</p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">shareholding companies of controlling shareholders</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.58%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.02%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="display:none;vertical-align:middle;width:11.46%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:38.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Tongli Germanium</p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">shareholding companies of controlling shareholders</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:6.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:38.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Shaanxi Huadian Resin Co., Ltd.<sup style="font-size:9pt;vertical-align:top;">2</sup></p></td><td style="vertical-align:middle;width:15.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The company where the Director MORRIS SHEN-SHIH YOUNG works as the director</p></td></tr></table></div><div style="font-family:'Times New Roman','Times','serif';font-size:12.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="1" width="25.0%" style="background-color:#000000;color:#000000;height:1pt;position:relative;top:0.6em;border:none;margin:0pt;" align="left"></div><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;"><sup style="font-size:9pt;vertical-align:top;">2</sup></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;">MORRIS SHEN-SHIH YOUNG has resigned as a director of the Company and is currently handling the formalities for the change of director.</p></td></tr></table></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-85</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:6.6%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:12.02%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name</b></p></td><td style="vertical-align:middle;width:12.1%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Position</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">in the</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Issuer</b></p></td><td style="vertical-align:middle;width:36.78%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main part-time units</b></p></td><td style="vertical-align:middle;width:13.33%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Concurrent</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">position</b></p></td><td style="vertical-align:middle;width:19.13%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Relationship</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">between part-</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">time units and</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Issuer</b></p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:6.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Liu Wensen</p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director, General Manager</p></td><td style="vertical-align:middle;width:36.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:22.7pt;"><td rowspan="2" style="vertical-align:middle;width:6.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td rowspan="2" style="vertical-align:middle;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">HAO Ze</p></td><td rowspan="2" style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director, Deputy General Manager, Chief Financial Officer</p></td><td style="vertical-align:middle;width:36.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Jiya</p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">shareholding companies of controlling shareholders</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:36.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Maanshan Gallium</p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Supervisor</p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">holding companies, controlling shareholders and subsidiaries</p></td></tr><tr style="height:24.4pt;"><td style="vertical-align:middle;width:6.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">WANG Yuxin</p></td><td style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director, Deputy General Manager</p></td><td style="vertical-align:middle;width:36.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Liaoyan</p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Executive partner</p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Shareholders of Issuer</p></td></tr><tr style="height:22.7pt;"><td rowspan="4" style="vertical-align:middle;width:6.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5</p></td><td rowspan="4" style="vertical-align:middle;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">GUO Tao</p></td><td rowspan="4" style="vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director, Deputy General Manager</p></td><td style="vertical-align:middle;width:36.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Xing&#8217;an Gallium</p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Supervisor</p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Joint Stock Company</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:36.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Guangxi Tiandong Jinxin Rare Metal Materials Co., Ltd.</p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Supervisor</p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Xing&#39;an Gallium Industry holding 30% of the Company</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:36.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Jiamei Hi-purity</p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Supervisor</p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">shareholding companies of controlling shareholders</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:36.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Jinchao Business Management Co., Ltd.</p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">General Manager and Executive Director</p></td><td style="vertical-align:middle;width:19.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Director Guo Tao is also the Executive Director of the Company</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-86</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:6.19%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:11.62%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name</b></p></td><td style="vertical-align:middle;width:12.88%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Position</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">in the</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Issuer</b></p></td><td style="vertical-align:middle;width:42.17%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main part-time units</b></p></td><td style="vertical-align:middle;width:13.12%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Concurrent</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">position</b></p></td><td style="vertical-align:middle;width:14%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Relationship</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">between part-</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">time units and</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Issuer</b></p></td></tr><tr style="height:22.7pt;"><td rowspan="5" style="vertical-align:middle;width:6.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">6</p></td><td rowspan="5" style="vertical-align:middle;width:11.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Wang Huan</p></td><td rowspan="5" style="vertical-align:middle;width:12.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:42.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">SICC</p></td><td style="vertical-align:middle;width:13.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Director Wang Huan is also a director of the Company</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:42.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Haitong New Energy Private Equity Investment Management Co., Ltd.</p></td><td style="vertical-align:middle;width:13.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Director, Deputy General Manager</p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Director Wang Huan is also a director of the Company</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font 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solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Executive partner</p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td 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Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td 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Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Director, General Manager</p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:6.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid 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Ltd.</p></td><td style="vertical-align:middle;width:13.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Manager and Executive Director</p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-87</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:6.24%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:11.74%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name</b></p></td><td style="vertical-align:middle;width:12.83%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Position</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">in the</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Issuer</b></p></td><td style="vertical-align:middle;width:42.6%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid 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Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:11.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Liu Yanfeng</p></td><td style="vertical-align:middle;width:12.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">independent director</p></td><td style="vertical-align:middle;width:42.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Zhongzhi Capital Management Co., Ltd.</p></td><td style="vertical-align:middle;width:13.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">General Manager of Financial Management Center</p></td><td style="vertical-align:middle;width:12.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:6.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">10</p></td><td style="vertical-align:middle;width:11.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Song Jing</p></td><td style="vertical-align:middle;width:12.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Deputy General Manager and Secretary of the Board of Directors</p></td><td style="vertical-align:middle;width:42.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:6.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">11</p></td><td style="vertical-align:middle;width:11.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Tian Guichun</p></td><td style="vertical-align:middle;width:12.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Board of Supervisors Chairman</p></td><td style="vertical-align:middle;width:42.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:6.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">12</p></td><td style="vertical-align:middle;width:11.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Chang Xiuxia</p></td><td style="vertical-align:middle;width:12.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Supervisor</p></td><td style="vertical-align:middle;width:42.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:6.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">13</p></td><td style="vertical-align:middle;width:11.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Liu Zhiyang</p></td><td style="vertical-align:middle;width:12.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Supervisor</p></td><td style="vertical-align:middle;width:42.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">-</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt;">China registered residence is based on the Personal Credit Report of the Issuer, supervisor and senior management, the No Crime Certificate issued by the Public Security Department of</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-88</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">China permanent residence or the place where China residence is registered, and the Questionnaire signed. According to the search and query of CREDITCHINA and other Websites, the directors, supervisors and senior managers of the Issuer are not prohibited from holding their posts as stipulated in Article 146 of the Company Law, are determined as prohibited from entering the securities market by the CSRC as stipulated in Article 221 of the Securities Law, or are directors and senior managers concurrently serving as supervisors.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In conclusion, we believe that the appointment of directors, supervisors and senior managers of the Issuer conforms to the provisions of relevant laws, regulations, normative documents and the Articles of Association.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:75pt;text-align:justify;text-indent:-75pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(II)</font></font>Changes in directors, supervisors and senior managers of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the documents of the General Meeting of Shareholders, the Board of Directors and the Board of Supervisors provided by the Issuer, and through the inquiry of our Attorney in the National Enterprise Credit Information Publicity System, there was no change in the directors, supervisors and senior managers of the Issuer from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:75pt;text-align:justify;text-indent:-75pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(III)</font></font>Changes in the core technical personnel of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">From the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion, the core technical personnel of the Issuer have not changed.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XV. Tax of the Issuer and its Changes</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:48pt;text-align:justify;text-indent:-48pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(I)</font></font>Main taxes and tax rates of the Issuer and its domestic holding subsidiaries</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Updated Audit Report and the instructions of the Issuer and commitments, the main taxes and tax rates applicable to the Issuer and its domestic holding subsidiaries during the Reporting Period are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-89</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:19.44%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Tax Category</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:47.37%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Tax Basis</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:33.17%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Tax Rate</b></p></th></tr><tr style="height:39.2pt;"><td style="vertical-align:middle;width:19.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Value Added Tax</p></td><td style="vertical-align:middle;width:47.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The output tax is calculated according to the taxable income, and the value-added tax is calculated and paid according to the difference after deducting the input tax allowed to be deducted in the current period</p></td><td style="vertical-align:middle;width:33.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">16%, 13% and 6%</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:19.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Urban Maintenance and Construction Tax</p></td><td style="vertical-align:middle;width:47.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">The actually paid turnover tax</p></td><td style="vertical-align:middle;width:33.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">7% and 5%</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:19.44%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">EnterpriseIncome Tax</p></td><td style="vertical-align:middle;width:47.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Calculated and paid according to taxable income</p></td><td style="vertical-align:middle;width:33.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">15%, 25% and 20%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Updated Audit Report, the supporting documents issued by relevant competent tax authorities and the instructions and commitments of the Issuer, and verified by our Attorney, the taxes and tax rates applicable to the Issuer and its domestic holding subsidiaries during the Reporting Period comply with the requirements of current laws, regulations and normative documents.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:48pt;text-align:justify;text-indent:-48pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(II)</font></font>Main tax preferences enjoyed by the Issuer and its domestic holding subsidiaries</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Updated Audit Report, the tax information provided by the Issuer and the Issuer&#39;s description, the main new tax preferences enjoyed by the Issuer and its domestic holding subsidiaries during the period from July 1, 2021 to December 31, 2021 are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Chaoyang Tongmei obtained the high-tech enterprise certificate on December 14, 2021, with the certificate number of GR202121000903 and the validity period of three years. According to the Enterprise Income Tax Law of the People&#8217;s Republic of China, the regulations for the implementation of the Enterprise Income Tax Law of the People&#8217;s Republic of China, and the administrative measures for the recognition of high-tech enterprises, Chaoyang Tongmei paid enterprise income tax at a preferential tax rate of 15% in 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Tianjin Boyu obtained the high-tech enterprise certificate on November 25, 2021. The certificate number is GR202112001913 and the validity period is three years. According to the</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-90</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Enterprise Income Tax Law of the People&#8217;s Republic of China, the Regulations for the Implementation of the Enterprise Income Tax Law of the People&#8217;s Republic of China, and the Administrative Measures for the Recognition of High-Tech Enterprises, Tianjin Boyu paid enterprise income tax at a preferential tax rate of 15% in 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:48pt;text-align:justify;text-indent:-48pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(III)</font></font>Main financial subsidies enjoyed by the Issuer and its domestic holding subsidiaries</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the financial subsidies provided by the Issuer and the Updated Audit Report, the financial subsidies enjoyed by the Issuer and its domestic holding subsidiaries in 2021 are as follows:</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:5.56%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.49%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Entry</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Name</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.52%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Subsidy</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Object</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:15.11%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount (RMB)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:52.3%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Basis Or Approval Document</b></p></th></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:5.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:13.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Enclave Subsidy</p></td><td style="vertical-align:middle;width:13.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Jinmei</p></td><td style="vertical-align:middle;width:15.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">5,000,000.00</p></td><td style="vertical-align:middle;width:52.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Notice on Issuing the Special Investment Plan of Kazuo County to Accelerate the Breakthrough in the Development of Northwest Liaoning in 2019</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:5.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:13.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Project Construction Subsidy</p></td><td style="vertical-align:middle;width:13.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Tongmei, Chaoyang Xinmei</p></td><td style="vertical-align:middle;width:15.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">41,811,000.00</p></td><td style="vertical-align:middle;width:52.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Notes on the Project Award and Supplementary Funds of Chaoyang Tongmei Crystal Technology Co., Ltd., Notice on Issuing the Special Fund Index of Chaoyang Xinmei High-Purity Semiconductor Material Co., Ltd. (CKKCZ [2021] No. 3) and Management Measures for Special Funds of Development Zone</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:5.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:13.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Government incentives</p></td><td style="vertical-align:middle;width:13.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Tongmei, Chaoyang Jinmei, Chaoyang Tongmei, Tianjin Boyu, Chaoyang Boyu</p></td><td style="vertical-align:middle;width:15.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">1,655,589.00</p></td><td style="vertical-align:middle;width:52.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Notice on Holding the Policy Training Meeting on Promoting High-Quality Development of Foreign Trade in 2021, Notice on Issuing the &#8220;Liaoning Innovative Regional Incentive Post Subsidy Fund Project&#8221; in Kazuo County, Notice on Allocating the Subsidy Fund for Sample Enterprises for Statistical Monitoring of Service Trade in 2021, and Notice of the Municipal Human Resources and Social Security Bureau on Carrying out the &#8220;Project + Team&#8221; in Tianjin in 2020, Notice on Special Application for Key Training; Notice of the Municipal Bureau of Industry and Information Technology and the Municipal Bureau of Finance on Proper Cultivation, Assessment and Reward of &#8220;Small Scale And Large Scale&#8221; enterprises in 2019</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:5.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:13.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Intellectual property subsidy</p></td><td style="vertical-align:middle;width:13.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Tongmei</p></td><td style="vertical-align:middle;width:15.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">472,000.00</p></td><td style="vertical-align:middle;width:52.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Application Form of Beijing Patent Subsidy and Notice on Applying for Intellectual Property Subsidy, Reward and Subsidy Projects and Filing in Tongzhou District in 2021</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:5.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:13.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Reward Fund of Social Security Bureau</p></td><td style="vertical-align:middle;width:13.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:15.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">194,000.00</p></td><td style="vertical-align:middle;width:52.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Several policies of Dingxing County to Increase Investment Attraction and Further Support the High-Quality Development of Private Economy (Trial)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-91</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:22.7pt;"><td style="vertical-align:middle;width:5.77%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:12.64%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Entry</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Name</b></p></td><td style="vertical-align:middle;width:13.74%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Subsidy</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Object</b></p></td><td style="vertical-align:middle;width:15.33%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Amount (RMB)</b></p></td><td style="vertical-align:middle;width:52.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Basis Or Approval Document</b></p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:5.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;width:12.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Reward Fund of the Bureau of Industry and Information Technology</p></td><td style="vertical-align:middle;width:13.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">100,000.00</p></td><td style="vertical-align:middle;width:52.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Several policies of Dingxing County to Increase Investment Attraction and Further Support the High-Quality Development of Private Economy (Trial)</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:5.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;width:12.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Subsidy for Talents of Two Types of Senior Talents</p></td><td style="vertical-align:middle;width:13.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Tongmei</p></td><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">100,000.00</p></td><td style="vertical-align:middle;width:52.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Statement on Checking the Employment of Talents in Tongzhou District &#8220;Canal Plan&#8221; in 2021</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:5.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;width:12.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Enterprise R &amp; D subsidy</p></td><td style="vertical-align:middle;width:13.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Tongmei</p></td><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">80,000.00</p></td><td style="vertical-align:middle;width:52.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">Notice on the Application of Beijing Postdoctoral Funding in 2021</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:5.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:12.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:13.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:15.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">314,705.05</p></td><td style="vertical-align:middle;width:52.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">-</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Updated Audit Report, the description and the materials provided by the Issuer, and verified by our Attorney, the above financial subsidies enjoyed by the Issuer and its domestic holding subsidiaries in 2021 do not violate national laws and regulations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:75pt;text-align:justify;text-indent:-75pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(IV)</font></font>Tax situation</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>Beijing Tongmei</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On February 18, 2022, the First Taxation Office of Beijing Tongzhou District Taxation Bureau of the State Administration of Taxation issued the Notice of Tax Related Information Query Results, confirming that Beijing Tongmei had not received administrative punishment from July 1, 2021 to February 18, 2022. On February 16, 2022, the First Tax Office of Beijing Tongzhou District Taxation Bureau issued the certificate of no tax arrears, confirming that Beijing Tongmei &#8220;has not found any tax arrears as of February 13, 2022 after querying the tax collection and Management Information System&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>Baoding Tongmei</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On 7 February 2022, the Second Taxation Branch of Dingxing County Taxation Bureau</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-92</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">of the State Administration of Taxation issued the Compliance Certificate, it is confirmed that Baoding Tongmei &#8220;from July 1, 2021 to the Issuance Date of this Certificate, the Company declared and paid taxes according to the provisions of relevant tax laws, regulations and normative documents. After our branch inquired in the Jinshan System, the Company has no tax arrears or administrative penalties of the Company has been found due to tax violations from July 1, 2021 to now&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">3.</font></font>Chaoyang Tongmei</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On February 8, 2022, the State Administration of Taxation Kazuo County Taxation Bureau Gongyingzi Taxation Branch issued the Compliance Certificate, confirmed that &#8220;from July 1, 2021 to the Issuance Date of this certificate, Chaoyang Tongmei Crystal Technology Co., Ltd. declared and paid taxes and fulfilled its tax payment obligations to the Bureau according to the law on time. The applicable taxes, tax rates and tax preferences comply with the requirements of national and local tax laws, regulations, departmental rules and normative documents, and there is no unpaid tax or other circumstance requiring supplementary payment, no case of tax evasion, tax evasion or default, failure to fulfill the obligation of tax withholding and payment, no violation of national and local tax law, regulation, departmental rule or normative document, no administrative punishment, investigation or handling by this bureau, and no ongoing or potential dispute or litigation with this bureau&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">4.</font></font>Nanjing Jinmei</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On February 18, 2022, the Tax Service Department of Nanjing Jiangning Economic and Technological Development Zone Taxation Bureau of the State Administration of Taxation issued the Notice of Tax Related Information Query Results, confirming that &#8220;Nanjing Jinmei Gallium Industry Co., Ltd. can fulfill its tax obligations from July 1, 2021 to February 18, 2022, and has not found any violation of relevant laws and regulations&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">5.</font></font>Chaoyang Jinmei</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On February 8, 2022, the Gongyingzi Taxation Branch of the State Administration of Taxation Kazuo County Taxation Bureau issued the Compliance Certificate, confirmed that from July 1, 2021 to the Issuance Date of this certificate, Chaoyang Jinmei Gallium Industry Co., Ltd. declared and paid taxes and fulfilled its tax payment obligations to the Bureau according to the law and on time. The applicable taxes, tax rates and tax preferences comply</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-93</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">with the requirements of national and local tax laws, regulations, departmental rules and normative documents. There are no tax payable or other taxes to be paid back, no record, no violation of national and local tax laws, regulations, departmental rules or normative documents, no administrative punishment, investigation or handling by this bureau, and no ongoing or potential dispute or lawsuit with this bureau in the case of tax evasion, tax evasion or default, failure to perform the obligation of tax withholding and payment &quot;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">6.</font></font>Chaoyang Boyu</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On February 10, 2022, the State Administration of Taxation Kazuo County Taxation Bureau Gongyingzi Taxation Branch issued the Compliance Certificate, confirmed that &#8220;from January 1, 2018 to the Issuance Date of this Certificate, Boyu (Chaoyang) Semiconductor Technology Co., Ltd. shall report and pay taxes and fulfill its tax payment obligations to the Bureau according to the law on time. The applicable taxes, tax rates and tax preferences enjoyed by Semiconductor Technology Co., Ltd. comply with the requirements of national and local tax laws, regulations, departmental rules and normative documents. There are no unpaid taxes or other supplementary taxes, no tax evasion, tax evasion or tax arrears, no violation of national and local tax laws, regulations, departmental rules or normative documents, no administrative punishment, investigation or handling by this bureau, and no ongoing or potential dispute or lawsuit with this bureau&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">7.</font></font>Chaoyang Xinmei</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On February 10, 2022, the State Administration of Taxation Kazuo County Taxation Bureau Gongyingzi Taxation Branch issued the Compliance Certificate, confirmed that &#8220;from July 1, 2021 to the Issuance Date of this certificate, Chaoyang Xinmei High-Purity Semiconductor Materials Co., Ltd. declared and paid taxes and fulfilled its tax payment obligations to the Bureau according to the law and on time. The applicable taxes, tax rates and tax preferences comply with the requirements of national and local tax laws, regulations, departmental rules and normative documents, and there are no tax payable or other taxes to be paid back, no cases of tax evasion, tax evasion or default, failure to fulfill the obligation of tax withholding and payment, no violation of national and local tax laws, regulations, departmental rules or normative documents, no administrative punishment, investigation or handling by this bureau, and no ongoing or potential disputes or litigation with this bureau&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-94</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">8.</font></font>Beijing Boyu</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On February 9, 2022, the No. 1 Taxation Office of Beijing Tongzhou District Taxation Bureau of the State Administration of Taxation issued the Certificate of No Tax Arrears, confirmed that &#8220;no tax arrears of Beijing Boyu have been found as of February 6, 2022 after querying the tax collection and management information system&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On March 2, 2022, the No. 1 Taxation Office of Beijing Tongzhou District Taxation Bureau of the State Administration of Taxation issued the Notice of Tax-related Information Query Result, confirming that Beijing Boyu has been subject to no administrative punishment during the period from July 1, 2021 to February 28, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">9.</font></font>Tianjin Boyu</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On February 18, 2022, the Baoping Taxation Office of Tianjin Baodi District Taxation Bureau of the State Administration of Taxation issued the notice of tax related information query results, confirmed that after the query of the one household query function in the Golden Tax Phase III Tax Management System, the enterprise has declared and paid taxes and fulfilled its tax payment obligations According to the law on time, and there is no illegal tax registration information as of July 1, 2021. On February 18, 2022, Baoping Taxation Office of Tianjin Baodi District Taxation Bureau of the State Administration of Taxation issued the &#8220;Certification of No Tax Arrears&#8221;, confirmed that no tax arrears Tianjin Boyu had been found as of February 15, 2022 after querying the tax collection and management information system.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the instructions of the Issuer and commitments, the above supporting documents issued by the competent tax authorities of the Issuer and its domestic holding subsidiaries, and verified by our Attorney, we believe that the Issuer and its domestic holding subsidiaries have no major tax violations or major tax penalties by the tax authorities from July 1, 2021 to December 31, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XVI. Environmental Protection, Product Quality, Technology and Other Standards of the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:75pt;text-align:justify;text-indent:-75pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(I)</font></font>Environmental protection of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-95</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the information, explanation and commitment provided by the Issuer, and through the interview with the relevant leaders of the Issuer by our Attorney, through the inquiry on the Website of the Ministry of Ecological Environment of the People&#8217;s Republic of China (Website: http://www.mee.gov.cn/), the Website of the Ecological Environment Department, where the Issuer and its domestic holding subsidiaries are located, the Website of CREDITCHINA and the National Enterprise Credit Information Publicity System. From the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion, the Issuer and its domestic holding subsidiaries do not violate the laws on environmental protection administrative punishment due to laws, regulations and normative documents.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:75pt;text-align:justify;text-indent:-75pt;margin:0pt 0pt 12pt 24pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:46.9pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(II)</font></font>Product quality and technical standards of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the certification documents issued by the Competent Quality and Technical Supervision Department of the Issuer and its domestic holding subsidiaries, the instructions and commitments of the Issuer, and the interview of with the relevant leaders of the Issuer by our Attorney, the Issuer and its domestic holding subsidiaries are not punished for violating laws, regulations and normative documents on quality and technical standards from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XVII. Labor and Social Security of the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(I) Labor Contract</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the materials and instructions provided by the Issuer and verified by our Attorney, the Issuer and its domestic holding subsidiaries have signed Labor Contracts with employees according to the Labor Law of the People&#8217;s Republic of China and other relevant laws and regulations, and employees enjoy corresponding rights and undertake corresponding obligations according to such Labor Contracts.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(II) Social insurance and housing accumulation fund</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font>Payment of social insurance and housing accumulation fund</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-96</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the social insurance premium payment notice, reconciliation voucher of special social insurance payment card, provident fund remittance letter, employee roster, and instructions etc. provided by the Issuer, the Issuer and its domestic holding subsidiaries had 1,371 employees, 1,333 and 1,312 paid social insurance and housing provident fund by the Issuer and its domestic holding subsidiaries, respectively as of December 31, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:18.55pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font>The Issuer abides by laws and regulations on the management of social insurance and housing provident fund</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the certificates of the Issuer and its domestic holding subsidiaries issued by the Social Insurance Management Department and the Housing Provident Fund Management Department, the instructions and confirmation of the Issuer, and verified by our Attorney, the Issuer was not punished by the Social Insurance Management Department and the Housing Provident Fund Management Department for major violations of laws and regulations during the Reporting Period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(III) Labor Dispatch</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">During the Reporting Period, labor dispatch proportion of the Issuer exceeded the upper limit of 10% stipulated in the Interim Regulations on labor dispatch. The Issuer has rectified the above situations. As of December 31, 2021, 81 labor workers of the Issuer were dispatched, accounting for 5.48% of the total employment of the Company (including labor dispatch), conforming to the Interim Provisions on Labor Dispatch.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XVIII. Application of Offering Proceeds by the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">(I) After verification by our Attorney, the projects to be invested by proceeds from this Offering have been deliberated and passed by the Issuer&#8217;s general meeting of shareholders, for which necessary internal approvals and authorizations, as well as investment filing documents from Chaoyang Kazuo Economic Development Zone Management Committee, the competent government authority, have been obtained. Regarding the GaAs semiconductor material project, it is expected that there will be no substantive obstacles to the handling of environmental protection-related procedures required for its construction as a statement has been issued by Chaoyang Kazuo Economic Development Zone Management Committee confirming it</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-97</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">complies with the national environmental protection policy, though the EIA approval document is still pending as of the date hereof. Besides, the land for the underlying investment projects, on which a real estate ownership certificate has been issued by the competent government authority, meets with relevant land policies and urban planning without risk of unavailability.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">(II) After verification by our Attorney, the financing of the Issuer does not involve mergers and acquisitions of other enterprises.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">(III) Upon verification by our Attorney, the investment projects financed by the Issuer comply with the provisions of national industrial policies, environmental protection, land management and other laws, regulations and rules.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XIX. Litigation, Arbitration or Administrative Punishment</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(I) The Issuer and its holding subsidiaries</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">1. Major litigations and arbitrations</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the information, explanation and commitment provided by the Issuer, and through the interview with our Attorney, the relevant leaders of the Issuer and inquiring on CREDITCHINA, National Enterprise Credit Information Publicity System, China Execution Information Disclosure Network, China Judgements Online, The People&#8217;s Court Announcement and 12309 China Inspection Network for retrieval and query, from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion, the Issuer and its domestic holding subsidiaries have no outstanding major litigation and arbitration with a single dispute subject amount (leader) of more than RMB 500,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">2. Administrative punishment</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the instructions and commitments, such as administrative punishment decision and payment voucher, etc., and the Updated Audit Report provided by the Issuer, and through the interview with the relevant leaders of the Issuer by our Attorney, and the search and query through public channels, such as CREDITCHINA, the National Enterprise Credit Information Publicity System and the Website of the competent government departments, the</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-98</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Issuer and its domestic holding subsidiaries have not been subject to new administrative penalties from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(II) Major shareholders holding more than 5% of the shares of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">The major shareholders holding more than 5% of the shares of the Issuer are AXT and Beijing Bomeilian.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the U.S. AXT Updated Legal Opinion, the statements and commitments issued by AXT and Beijing Bomeilian, and through the interview with relevant leaders by our Attorney, through inquiry on CREDITCHINA, National Enterprise Credit Information Publicity System, China execution information disclosure network, China Judgements Online, the People&#8217;s Court Announcement and 12309 China Procuratorial Network, from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion, AXT and Beijing Bomeilian, the major shareholders holding more than 5% of the shares of the Issuer, have no pending or foreseeable major litigation, arbitration or administrative punishment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(III) Chairman and General Manager of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Questionnaire filled in by the Chairman of the Issuer, MORRIS SHEN-SHIH YOUNG, and the General Manager, Liu Wensen, and through the interview of our Attorney, and the search and query on the dishonesty record query platform of the securities and futures market, China Execution Information Disclosure Network, China Judgements Online, the People&#8217;s Court Announcement and 12309 China Procuratorial Network, from the Issuance Date of the Legal Opinion to the Issuance Date of the Supplementary Legal Opinion, there is no pending or foreseeable major litigation, arbitration or administrative punishment between the Chairman of the Issuer, MORRIS SHEN-SHIH YOUNG, and the General Manager, Liu Wensen.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-99</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XX. Evaluation of the Legal Risk of the Issuer&#8217;s Prospectus</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">Our Attorney have participated in the preparation and discussion of the Prospectus (2021 Updated Annual Report), reviewed the Prospectus (2021 Updated Annual Report), especially the relevant contents of the Supplementary Legal Opinion, and confirmed that the Prospectus (2021 Updated Annual Report) have no false records due to the contents of the Supplementary Legal Opinion Misleading Statements or material omissions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XXI. Other Issues to be Explained by the Attorney</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(I) The Option Incentive Plan for Employees of the Issuer</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">On March 15, 2022, the Issuer held the 11th Meeting of the First Board of Directors and the 11th Meeting of the First Board of Supervisors, deliberated and adopted the Proposal on Canceling Partial Options Under the 2021 Stock Option Incentive Plan of the Company. Among the 171 incentive objects determined by the 2021 Stock Option Incentive Plan of the Issuer, 2 resigned from the Issuer, 2 gave up their stock options for personal reasons, and the Board of Directors, authorized by the First Extraordinary General Meeting in 2021 of the Issuer, cancelled the stock options granted to but not exercised by them. After cancellation, 171 incentive objects were adjusted from 167, and 7,302,036 stock options held by incentive objects were reduced from to 7,192,430. On the same day, the independent directors expressed their independent opinions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(II) Acquisition of controlling shareholder stock options and restricted shares by the Issuer&#8217;s employees</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">According to the Equity Incentive Plan, grant documents and statistical tables of the AXT provided by the Issuer and the U.S. AXT Updated Legal Opinion, some employees of the Issuer hold stock options and restricted shares granted by AXT. The Issuer has held 280,557 AXT stock options and 495,867 AXT restricted shares as of December 31, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-100</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XXII. General Concluding Comments on the Offering and Listing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">In conclusion, we believe that as of the Issuance Date of the Supplementary Legal Opinion, the Issuer still meets the conditions for IPO and Listing on the Science and Innovation Board stipulated in the Securities Law, the Company Law, the Administrative Measures for Initial Registration, the Listing Rules of the Science and Innovation Board and other relevant laws, regulations and normative documents; the issuance of the Issuer has yet to be examined and approved by Shanghai Stock Exchange and reported to the CSRC for registration; the Shares of the Issuer are listed and traded on Shanghai Stock Exchange after closing, which has yet to be reviewed and approved by Shanghai Stock Exchange.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">The Supplementary Legal Opinion is made in quadruplicate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;">(There is no text below, followed by the signature page)</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-101</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(No text hereunder, which is the Signature Page of Supplementary Legal Opinion (I) of King &amp; Wood Mallesons on the IPO and Listing of Beijing Tongmei Xtal Technology Co., Ltd. on the Science and Innovation Board)</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 18pt 0pt;">Handling Attorney of King &amp; Wood Mallesons:</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 18pt;">XU Hui</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 18pt;">YANG Zhenhua</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 18pt;">WANG Anrong</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Leader:</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 18pt;">WANG Ling</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 18pt;">April 7, 2022</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-size:12pt;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-102</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:4.55%;padding-right:4.55%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Annex I: New Land Use Right of the Issuer and Its Holding Subsidiaries Obtained the Ownership Certificate</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:4.34%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:8.51%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Right</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Holder</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:28.38%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Certificate No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:14.37%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Location:</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.89%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Effective</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Validity to:</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:8.81%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Land</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Type</b><br><b style="font-weight:bold;">(Purpose)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:7.58%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Type of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Use</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Right</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:6.6%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Area of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Use</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Right</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(m</b><sup style="font-size:8.25pt;font-weight:bold;vertical-align:top;">2</sup><b style="font-weight:bold;">)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:9.47%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Mortgages</b><br><b style="font-weight:bold;">Right</b></p></th></tr><tr style="height:1pt;"><td style="vertical-align:middle;white-space:normal;width:4.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;white-space:normal;width:8.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Chaoyang Xinmei</p></td><td style="vertical-align:middle;white-space:normal;width:28.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">L (2022) Kazuo County Real Estate Property Right No. 20220000228</p></td><td style="vertical-align:middle;white-space:normal;width:14.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Tuchengzi Village, Gongyingzi Town, Kazuo County</p></td><td style="vertical-align:middle;width:11.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">January 5, 2072</p></td><td style="vertical-align:middle;width:8.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Industry</p></td><td style="vertical-align:middle;width:7.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">Transfer</p></td><td style="vertical-align:middle;width:6.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">66,926</p></td><td style="vertical-align:middle;width:9.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-103</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:4.55%;margin-right:4.55%;margin-top:30pt;page-break-after:always;width:90.91%;border-width:0;"><div style="max-width:100%;padding-left:4.55%;padding-right:4.55%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Annex II: New Trademarks of the Issuer and Its Holding Subsidiaries</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:4.96%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:6.87%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Right</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Holder</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:10.02%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">International</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Classification</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:18.38%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Trademark</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:16.63%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Application /</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Registration No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:15.01%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Date of</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Registration</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:9.24%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Effective</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Validity to:</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:12.02%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Acquisition</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">method</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:6.83%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Other</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Rights</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2024.jpg" alt="ORI.JPG" style="display:inline-block;height:24.7pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:75.4pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55721295</font></p></td><td style="vertical-align:middle;white-space:normal;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 14, 2021</font></p></td><td style="vertical-align:middle;width:9.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 13, 2031</font></p></td><td style="vertical-align:middle;white-space:normal;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2025.jpg" alt="ORI.JPG" style="display:inline-block;height:24.95pt;left:0%;padding-bottom:0.05pt;position:relative;top:0pt;width:76.15pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55687989</font></p></td><td style="vertical-align:middle;white-space:normal;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 21, 2021</font></p></td><td style="vertical-align:middle;width:9.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 20, 2031</font></p></td><td style="vertical-align:middle;white-space:normal;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2026.jpg" alt="ORI.JPG" style="display:inline-block;height:23.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:117.4pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55714231</font></p></td><td style="vertical-align:middle;white-space:normal;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 21, 2021</font></p></td><td style="vertical-align:middle;width:9.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 20, 2031</font></p></td><td style="vertical-align:middle;white-space:normal;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2027.jpg" alt="ORI.JPG" style="display:inline-block;height:24.6pt;left:0%;padding-bottom:0.4pt;position:relative;top:0pt;width:120.8pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55716321</font></p></td><td style="vertical-align:middle;white-space:normal;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 21, 2021</font></p></td><td style="vertical-align:middle;width:9.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 20, 2031</font></p></td><td style="vertical-align:middle;white-space:normal;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:40.5pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2028.jpg" alt="ORI.JPG" style="display:inline-block;height:26.2pt;left:0%;padding-bottom:0.8pt;position:relative;top:0pt;width:94.35pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55716308</font></p></td><td style="vertical-align:middle;white-space:normal;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 21, 2021</font></p></td><td style="vertical-align:middle;width:9.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 20, 2031</font></p></td><td style="vertical-align:middle;white-space:normal;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2029.jpg" alt="ORI.JPG" style="display:inline-block;height:24.7pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:81.25pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55711221</font></p></td><td style="vertical-align:middle;white-space:normal;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 21, 2021</font></p></td><td style="vertical-align:middle;width:9.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 20, 2031</font></p></td><td style="vertical-align:middle;white-space:normal;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2030.jpg" alt="ORI.JPG" style="display:inline-block;height:23.8pt;left:0%;padding-bottom:0.2pt;position:relative;top:0pt;width:88.2pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55709726</font></p></td><td style="vertical-align:middle;white-space:normal;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 21, 2021</font></p></td><td style="vertical-align:middle;width:9.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 20, 2031</font></p></td><td style="vertical-align:middle;white-space:normal;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2031.jpg" alt="ORI.JPG" style="display:inline-block;height:24.8pt;left:0%;padding-bottom:0.7pt;position:relative;top:0pt;width:144.85pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55705518</font></p></td><td style="vertical-align:middle;white-space:normal;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 21, 2021</font></p></td><td style="vertical-align:middle;width:9.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 20, 2031</font></p></td><td style="vertical-align:middle;white-space:normal;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2031.jpg" alt="ORI.JPG" style="display:inline-block;height:24.8pt;left:0%;padding-bottom:0.7pt;position:relative;top:0pt;width:144.85pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55704744</font></p></td><td style="vertical-align:middle;white-space:normal;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 21, 2021</font></p></td><td style="vertical-align:middle;width:9.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 20, 2031</font></p></td><td style="vertical-align:middle;white-space:normal;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2033.jpg" alt="ORI.JPG" style="display:inline-block;height:24.65pt;left:0%;padding-bottom:0.35pt;position:relative;top:0pt;width:111pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55702854</font></p></td><td style="vertical-align:middle;white-space:normal;width:15.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 21, 2021</font></p></td><td style="vertical-align:middle;width:9.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">November 20, 2031</font></p></td><td style="vertical-align:middle;white-space:normal;width:12.02%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-104</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:4.55%;margin-right:4.55%;margin-top:30pt;page-break-after:always;width:90.91%;border-width:0;"><div style="max-width:100%;padding-left:4.55%;padding-right:4.55%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Right</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Holder</b></p></td><td style="vertical-align:middle;white-space:normal;width:10%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">International</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Classification</b></p></td><td style="vertical-align:middle;white-space:normal;width:18.76%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Trademark</b></p></td><td style="vertical-align:middle;white-space:normal;width:16.26%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Application /</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Registration No.</b></p></td><td style="vertical-align:middle;white-space:normal;width:15%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Date of</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Registration</b></p></td><td style="vertical-align:middle;width:9.38%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Effective</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Validity to:</b></p></td><td style="vertical-align:middle;white-space:normal;width:11.88%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Acquisition</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">method</b></p></td><td style="vertical-align:middle;width:6.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Other</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Rights</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2034.jpg" alt="IMG_256" style="display:inline-block;height:24.75pt;left:0%;padding-bottom:0.25pt;position:relative;top:0pt;width:80.95pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55726043</font></p></td><td style="vertical-align:middle;white-space:normal;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 14, 2022</font></p></td><td style="vertical-align:middle;width:9.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 13, 2032</font></p></td><td style="vertical-align:middle;white-space:normal;width:11.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2035.jpg" alt="IMG_256" style="display:inline-block;height:24.5pt;left:0%;padding-bottom:0.5pt;position:relative;top:0pt;width:87.9pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55723399</font></p></td><td style="vertical-align:middle;white-space:normal;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 14, 2022</font></p></td><td style="vertical-align:middle;width:9.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 13, 2032</font></p></td><td style="vertical-align:middle;white-space:normal;width:11.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">13</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2036.jpg" alt="IMG_256" style="display:inline-block;height:24.15pt;left:0%;padding-bottom:0.85pt;position:relative;top:0pt;width:45.3pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55721305</font></p></td><td style="vertical-align:middle;white-space:normal;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 21, 2022</font></p></td><td style="vertical-align:middle;width:9.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 20, 2032</font></p></td><td style="vertical-align:middle;white-space:normal;width:11.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">14</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2037.jpg" alt="IMG_256" style="display:inline-block;height:24.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:92pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55718846</font></p></td><td style="vertical-align:middle;white-space:normal;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 14, 2022</font></p></td><td style="vertical-align:middle;width:9.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 13, 2032</font></p></td><td style="vertical-align:middle;white-space:normal;width:11.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">15</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2038.jpg" alt="IMG_256" style="display:inline-block;height:24.3pt;left:0%;padding-bottom:0.7pt;position:relative;top:0pt;width:109.3pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55710866</font></p></td><td style="vertical-align:middle;white-space:normal;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 21, 2022</font></p></td><td style="vertical-align:middle;width:9.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 20, 2032</font></p></td><td style="vertical-align:middle;white-space:normal;width:11.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">16</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;white-space:normal;width:10%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2039.jpg" alt="IMG_256" style="display:inline-block;height:24.4pt;left:0%;padding-bottom:0.6pt;position:relative;top:0pt;width:45.75pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">55699743</font></p></td><td style="vertical-align:middle;white-space:normal;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 21, 2022</font></p></td><td style="vertical-align:middle;width:9.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">January 20, 2032</font></p></td><td style="vertical-align:middle;white-space:normal;width:11.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:4.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">17</font></p></td><td style="vertical-align:middle;white-space:normal;width:6.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Chaoyang Jinmei</font></p></td><td style="vertical-align:middle;white-space:normal;width:10%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;"><img src="axti-20220418xex99d2040.jpg" alt="IMG_256" style="display:inline-block;height:24.1pt;left:0%;padding-bottom:0.9pt;position:relative;top:0pt;width:25.6pt;"></font></p></td><td style="vertical-align:middle;white-space:normal;width:16.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">58530493</font></p></td><td style="vertical-align:middle;white-space:normal;width:15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">February 14, 2022</font></p></td><td style="vertical-align:middle;width:9.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">February 13, 2032</font></p></td><td style="vertical-align:middle;white-space:normal;width:11.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">original acquisition</font></p></td><td style="vertical-align:middle;width:6.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-105</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:4.55%;margin-right:4.55%;margin-top:30pt;page-break-after:always;width:90.91%;border-width:0;"><div style="max-width:100%;padding-left:4.55%;padding-right:4.55%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Annex III: New Patents of the Issuer and Its Holding Subsidiaries</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:25.35pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:4.51%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:9.17%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patentee</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:25.87%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent Name</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:8.49%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Type</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:12.73%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent Number</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:9.88%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Application</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Date:</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.54%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Date of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Authorization</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">proclamation</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:9.68%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Acquisition</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">method</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:8.08%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Other</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Rights</b></p></th></tr><tr><td style="vertical-align:middle;width:4.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:25.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#38167;&#21333;&#26230;&#29255;</font>&#12289;<font style="font-family:'SimSun';">&#20854;&#21046;&#27861;</font>&#12289;<font style="font-family:'SimSun';">&#26230;&#26834;&#30340;&#21046;&#27861;&#21450;&#21333;&#26230;&#29255;&#30340;&#29992;&#36884;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Invention</p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2019104837484</p></td><td style="vertical-align:middle;width:9.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">May 31, 2019</p></td><td style="vertical-align:middle;width:11.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">October 19, 2021</p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:25.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#29992;&#20110;&#21322;&#23548;&#20307;&#26230;&#26834;&#33104;&#34432;&#30340;&#31726;&#20855;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021200989546</p></td><td style="vertical-align:middle;width:9.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">January 14, 2021</p></td><td style="vertical-align:middle;width:11.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">October 19, 2021</p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:25.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#27833;&#27877;&#24178;&#29157;&#35774;&#22791;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">202120096935X</p></td><td style="vertical-align:middle;width:9.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">January 14, 2021</p></td><td style="vertical-align:middle;width:11.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">October 29, 2021</p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:25.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#21322;&#23548;&#20307;&#26230;&#29255;&#36793;&#24418;&#35266;&#23519;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021206433384</p></td><td style="vertical-align:middle;width:9.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">March 30, 2021</p></td><td style="vertical-align:middle;width:11.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">November 12, 2021</p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:25.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#25511;&#28201;&#21644;&#21152;&#28909;&#35774;&#22791;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021205067450</p></td><td style="vertical-align:middle;width:9.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">March 10, 2021</p></td><td style="vertical-align:middle;width:11.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">November 19, 2021</p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:25.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#29992;&#20110;&#28165;&#27927;&#21322;&#23548;&#20307;&#26230;&#29255;&#30340;&#26059;&#36716;&#24335;&#33457;&#31726;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021214021691</p></td><td style="vertical-align:middle;width:9.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">June 23, 2021</p></td><td style="vertical-align:middle;width:11.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 03, 2021</p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:25.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#36890;&#27668;&#24335;&#26230;&#29255;&#30418;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021214301048</p></td><td style="vertical-align:middle;width:9.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">June 25, 2021</p></td><td style="vertical-align:middle;width:11.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 07, 2021</p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:25.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#36890;&#27668;&#24335;&#22278;&#30418;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021214301118</p></td><td style="vertical-align:middle;width:9.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">June 25, 2021</p></td><td style="vertical-align:middle;width:11.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 07, 2021</p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:25.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#26230;&#29255;&#21253;&#35013;&#30418;&#30340;&#28165;&#27927;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">202120981508X</p></td><td style="vertical-align:middle;width:9.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">May 10, 2021</p></td><td style="vertical-align:middle;width:11.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 28, 2021</p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">10</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:25.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#21322;&#23548;&#20307;&#26230;&#29255;&#30418;&#24320;&#30418;&#22120;&#21644;&#26230;&#29255;&#30418;&#32452;&#21512;&#20214;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021212440296</p></td><td style="vertical-align:middle;width:9.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">June 04, 2021</p></td><td style="vertical-align:middle;width:11.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">January 07, 2022</p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">11</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:25.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#29992;&#20110;&#21322;&#23548;&#20307;&#26230;&#29255;&#21046;&#36896;&#30340;&#22266;&#28082;&#20998;&#31163;&#31995;&#32479;&#20197;&#21450;&#21152;&#24037;&#35774;&#22791;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021219400270</p></td><td style="vertical-align:middle;width:9.88%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">August 18, 2021</p></td><td style="vertical-align:middle;width:11.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">February 01, 2022</p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-106</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:4.55%;margin-right:4.55%;margin-top:30pt;page-break-after:always;width:90.91%;border-width:0;"><div style="max-width:100%;padding-left:4.55%;padding-right:4.55%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:middle;width:4.38%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:9.15%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patentee</b></p></td><td style="vertical-align:middle;width:26.23%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent Name</b></p></td><td style="vertical-align:middle;width:8.45%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Type</b></p></td><td style="vertical-align:middle;width:12.8%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent Number</b></p></td><td style="vertical-align:middle;width:9.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Application</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Date:</b></p></td><td style="vertical-align:middle;width:11.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Date of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Authorization</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">proclamation</b></p></td><td style="vertical-align:middle;width:9.65%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Acquisition</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">method</b></p></td><td style="vertical-align:middle;width:7.95%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Other</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Rights</b></p></td></tr><tr><td style="vertical-align:middle;width:4.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">12</p></td><td style="vertical-align:middle;width:9.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#21322;&#23548;&#20307;&#34924;&#24213;&#20013;&#30340;&#21487;&#25511;&#27687;&#27987;&#24230;</font></p></td><td style="vertical-align:middle;width:8.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Invention Patent</p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2020102755196</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">March 27, 2013</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">February 11, 2022</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">13</p></td><td style="vertical-align:middle;width:9.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#31435;&#24335;&#22266;&#23450;&#26059;&#36716;&#26230;&#29255;&#29993;&#24178;&#26426;</font></p></td><td style="vertical-align:middle;width:8.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021209654088</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">May 08, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">October 22, 2021</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">14</p></td><td style="vertical-align:middle;width:9.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#27700;&#24179;&#29993;&#24178;&#26426;&#33258;&#21160;&#24179;&#34913;&#31995;&#32479;</font></p></td><td style="vertical-align:middle;width:8.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021205678825</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">March 19, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">October 22, 2021</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">15</p></td><td style="vertical-align:middle;width:9.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#26230;&#29255;&#21333;&#31934;&#25243;&#29992;</font>PVC<font style="font-family:'SimSun';">&#33647;&#31649;</font></p></td><td style="vertical-align:middle;width:8.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021217339776</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">July 28, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 03, 2021</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">16</p></td><td style="vertical-align:middle;width:9.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#25918;&#32622;&#21322;&#23548;&#20307;&#26230;&#29255;&#30340;&#28322;&#27969;&#27700;&#30418;</font></p></td><td style="vertical-align:middle;width:8.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">202121638853X</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">July 19, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 03, 2021</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">17</p></td><td style="vertical-align:middle;width:9.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#26230;&#29255;&#29993;&#24178;&#26426;&#36741;&#21161;&#24178;&#29157;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:8.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021215461275</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">July 08, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 03, 2021</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">18</p></td><td style="vertical-align:middle;width:9.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#29992;&#20110;&#21322;&#23548;&#20307;&#26230;&#29255;&#21152;&#24037;&#30340;&#38388;&#36317;&#23610;</font></p></td><td style="vertical-align:middle;width:8.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021217188649</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">July 27, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 14, 2021</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">19</p></td><td style="vertical-align:middle;width:9.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#29992;&#20110;&#21322;&#23548;&#20307;&#26230;&#29255;&#21152;&#24037;&#30340;&#20855;&#26377;&#23380;&#20301;&#32534;&#21495;&#30340;&#28216;&#26143;&#36718;</font></p></td><td style="vertical-align:middle;width:8.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">202121621530X</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">July 16, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 14, 2021</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">20</p></td><td style="vertical-align:middle;width:9.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#21322;&#23548;&#20307;&#26230;&#29255;&#28165;&#27927;&#22841;&#20855;</font></p></td><td style="vertical-align:middle;width:8.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021212078680</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">June 01, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 21, 2021</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">21</p></td><td style="vertical-align:middle;width:9.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#29992;&#20110;&#24178;&#27861;&#28165;&#27927;&#35774;&#22791;&#30340;&#26230;&#22278;&#25903;&#26550;</font></p></td><td style="vertical-align:middle;width:8.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021217625528</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">July 30, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">February 01, 2022</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">22</p></td><td style="vertical-align:middle;width:9.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#21322;&#23548;&#20307;&#26230;&#29255;&#25243;&#20809;&#21518;&#25286;&#21368;&#29992;&#20914;&#27700;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:8.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021215471440</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">July 08, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">February 25, 2022</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">23</p></td><td style="vertical-align:middle;width:9.15%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Tongmei</p></td><td style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#21322;&#23548;&#20307;&#21333;&#26230;&#26448;&#26009;&#21152;&#28909;&#28809;</font></p></td><td style="vertical-align:middle;width:8.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2020231162037</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 22, 2020</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">January 04, 2022</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-107</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:4.55%;margin-right:4.55%;margin-top:30pt;page-break-after:always;width:90.91%;border-width:0;"><div style="max-width:100%;padding-left:4.55%;padding-right:4.55%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:middle;width:4.33%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:8.99%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patentee</b></p></td><td style="vertical-align:middle;width:25.68%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent Name</b></p></td><td style="vertical-align:middle;width:9.92%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Type</b></p></td><td style="vertical-align:middle;width:12.4%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent Number</b></p></td><td style="vertical-align:middle;width:9.84%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Application</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Date:</b></p></td><td style="vertical-align:middle;width:11.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Date of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Authorization</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">proclamation</b></p></td><td style="vertical-align:middle;width:9.9%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Acquisition</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">method</b></p></td><td style="vertical-align:middle;width:7.4%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Other</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Rights</b></p></td></tr><tr><td style="vertical-align:middle;width:4.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">24</p></td><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Tongmei</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#21322;&#23548;&#20307;&#21333;&#26230;&#25104;&#38271;&#22377;&#22490;</font></p></td><td style="vertical-align:middle;width:9.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2020231161636</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 22, 2020</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">January 04, 2022</p></td><td style="vertical-align:middle;width:9.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">25</p></td><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Boyu</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#21152;&#28909;&#22120;</font></p></td><td style="vertical-align:middle;width:9.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Appearance Design</p></td><td style="vertical-align:middle;width:12.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2020307825054</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 18, 2020</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">November 12, 2021</p></td><td style="vertical-align:middle;width:9.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">26</p></td><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Boyu</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#33976;&#38208;&#21407;&#26009;&#21152;&#28909;&#35774;&#22791;&#27979;&#35797;&#28809;</font></p></td><td style="vertical-align:middle;width:9.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021220880476</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">September 01, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">February 01, 2022</p></td><td style="vertical-align:middle;width:9.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">27</p></td><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Boyu, Tianjin Boyu, Chaoyang Boyu</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#22377;&#22490;&#29992;&#21943;&#22068;&#30340;&#29615;&#24418;&#20391;&#22721;&#30340;&#21464;&#24418;&#32416;&#27491;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:9.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021223992011</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">September 30, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">February 01, 2022</p></td><td style="vertical-align:middle;width:9.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">28</p></td><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Beijing Boyu, Tianjin Boyu, Chaoyang Boyu</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#27700;&#20919;&#22871;</font></p></td><td style="vertical-align:middle;width:9.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021223992100</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">September 30, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">February 22, 2022</p></td><td style="vertical-align:middle;width:9.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">29</p></td><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Tianjin Boyu and Chaoyang Boyu</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#27694;&#21270;&#30844;&#22377;&#22490;&#30340;&#27668;&#30456;&#27785;&#31215;&#28809;</font></p></td><td style="vertical-align:middle;width:9.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021214972790</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">July 02, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">November 12, 2021</p></td><td style="vertical-align:middle;width:9.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">30</p></td><td style="vertical-align:middle;width:8.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Tianjin Boyu and Chaoyang Boyu</p></td><td style="vertical-align:middle;width:25.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#37329;&#23646;&#19997;&#21152;&#28909;&#22120;&#30340;&#21046;&#20316;&#24037;&#35013;</font></p></td><td style="vertical-align:middle;width:9.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021214972663</p></td><td style="vertical-align:middle;width:9.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">July 02, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December 07, 2021</p></td><td style="vertical-align:middle;width:9.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:7.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-108</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:4.55%;margin-right:4.55%;margin-top:30pt;page-break-after:always;width:90.91%;border-width:0;"><div style="max-width:100%;padding-left:4.55%;padding-right:4.55%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:middle;width:4.39%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:9.17%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patentee</b></p></td><td style="vertical-align:middle;width:26.31%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent Name</b></p></td><td style="vertical-align:middle;width:8.49%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Type</b></p></td><td style="vertical-align:middle;width:12.48%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Patent Number</b></p></td><td style="vertical-align:middle;width:9.86%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Application</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Date:</b></p></td><td style="vertical-align:middle;width:11.5%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Date of</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Authorization</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">proclamation</b></p></td><td style="vertical-align:middle;width:9.65%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Acquisition</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">method</b></p></td><td style="vertical-align:middle;width:8.08%;background:#bfbfbf;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Other</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Rights</b></p></td></tr><tr><td style="vertical-align:middle;width:4.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">31</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Tianjin Boyu</p></td><td style="vertical-align:middle;width:26.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#38050;&#19997;&#21367;&#20869;&#24452;&#35843;&#33410;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021220879939</p></td><td style="vertical-align:middle;width:9.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">September 01, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">January 18, 2022</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">32</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Tianjin Boyu</p></td><td style="vertical-align:middle;width:26.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#22402;&#30452;&#28938;&#25509;&#24037;&#35013;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021220880404</p></td><td style="vertical-align:middle;width:9.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">September 01, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">January 18, 2022</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">33</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Tianjin Boyu</p></td><td style="vertical-align:middle;width:26.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#21487;&#25511;&#21046;&#38388;&#36317;&#30340;&#38050;&#19997;&#25104;&#21367;&#26426;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021220880599</p></td><td style="vertical-align:middle;width:9.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">September 01, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">February 01, 2022</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">34</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Boyu</p></td><td style="vertical-align:middle;width:26.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#29992;&#20110;&#33976;&#38208;&#35774;&#22791;&#26463;&#27969;&#20214;&#28938;&#25509;&#30340;&#22266;&#23450;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021220880457</p></td><td style="vertical-align:middle;width:9.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">September 01, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">January 18, 2022</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">35</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Boyu</p></td><td style="vertical-align:middle;width:26.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#37329;&#23646;&#31570;&#28938;&#25509;&#24037;&#35013;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021220881040</p></td><td style="vertical-align:middle;width:9.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">September 01, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">January 18, 2022</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">36</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Boyu</p></td><td style="vertical-align:middle;width:26.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#25414;&#25166;&#35013;&#32622;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021220879604</p></td><td style="vertical-align:middle;width:9.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">September 01, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">February 15, 2022</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="vertical-align:middle;width:4.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">37</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Chaoyang Boyu</p></td><td style="vertical-align:middle;width:26.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-family:'SimSun';">&#19968;&#31181;&#36816;&#36755;&#23567;&#36710;</font></p></td><td style="vertical-align:middle;width:8.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Utility model</p></td><td style="vertical-align:middle;width:12.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021220879765</p></td><td style="vertical-align:middle;width:9.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">September 01, 2021</p></td><td style="vertical-align:middle;width:11.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">February 15, 2022</p></td><td style="vertical-align:middle;width:9.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">original acquisition</p></td><td style="vertical-align:middle;width:8.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-3-1-109</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:4.55%;margin-right:4.55%;margin-top:30pt;page-break-after:avoid;width:90.91%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>axti-20220418xex99d3.htm
<DESCRIPTION>EX-99.3
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.14.0.96--><!--Created on: 4/18/2022 07:40:19 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit&#160;99.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 24pt 0pt;"><b style="font-size:22pt;font-weight:bold;">Reply to Audit Inquiry Letter on Application for Initial Public Offering and STAR Market Listing of Shares by Beijing Tongmei Xtal Technology Co., Ltd.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:14pt;font-weight:bold;">Shanghai Stock Exchange:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As required by the Audit Inquiry Letter on Application for Initial Public Offering and STAR Market Listing of Shares by Beijing Tongmei Xtal Technology Co., Ltd. (SZKS (Audit) [2022] No. 66) (hereinafter &#8220;Inquiry Letter&#8221;) issued by you on February 9, 2022 has been received, Ernst &amp; Young Hua Ming LLP (Special General Partnership) (hereinafter &#8220;Accountant&#8221; or &#8220;Reporting Accountant&#8221;), as the Reporting Accountant of Beijing Tongmei Xtal Technology Co., Ltd. (hereinafter &#8220;Issuer&#8221;, &#8220;Company&#8221; or &#8220;Beijing Tongmei&#8221;) for the Offering and Listing involved, hereby replies to relevant questions concerning the Reporting Accountant in the Inquiry Letter one by one as follows.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q1. Asset Restructuring</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;white-space:pre-wrap;"> </b><b style="font-size:12pt;font-weight:bold;">According to the submissions, 1) in December 2020, with a view to combine</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">1</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">business resources and settle the issue of horizontal competition, AXT and relevant shareholders added investment in the Issuer with 100% equities of Beijing Boyu, Baoding Tongmei, Chaoyang Tongmei, Nanjing Jinmei and Chaoyang Jinmei, which become the subsidiaries wholly owned by the Issuer after the capital increase; 2) the price of capital increase by AXT and relevant shareholders this time through restructuring is RMB1.36 per unit of registered capital, and the price of equity transfer and capital increase by the Issuer in January 2021 was RMB5.03/registered capital; 3) the Issuer was reissued Business License on December</b><b style="font-size:12pt;font-weight:bold;"> 29, 2020. Ernst &amp; Young Hua Ming issued Capital Verification Report on January 28, 2021, confirming that the newly added registered capitals paid by investors have been received; 4) AXT is a NASDAQ listed company subject to accounting standard of US-GAAP, and the accounting standard implemented by the Issuer in this declaration is Chinese accounting standard; 5) in this asset restructuring, the Issuer believes that the ratios of total assets and business incomes of acquired entity and the Issuer were 91.94% and 33.41% respectively in 2019.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the transaction pricing method of the Company and acquired entities in this asset restructuring, evaluation of main parameters and fairness, the reason and reasonableness of large difference between the value estimated at this asset restructuring of the Company and the value estimated in January 2021 when the third party adds investment; (2) the time when the equities of five subsidiaries such as Beijing Boyu were transferred and included in consolidated statement, and the time when this asset restructuring was completed; (3) the main operating business, operation status, main financial data and applicable accounting standards of parent company and acquired entity during reporting period, calculation procedure of comparison of relevant financial indexes, and whether standard application is consistent; (4) business positioning and work division, specific products and mutual relation between the Company and its subsidiaries after asset restructuring; (5) the integration measures adopted</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">by the Company in assets, business and personnel, and their effect, the measures and effect of controlling each subsidiary, and whether there is any risk of influencing stability of main operating business of the Company and effective control of subsidiaries.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and Reporting Accountant are requested to explain the verification procedure performed for the valuation report of the Issuer and acquired entity in this asset restructuring, and give express opinions on fairness of transaction price.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and Issuer&#8217;s Attorney are requested to give express opinions on whether or not the Issuer meets relevant rules based on the time of completion of this asset restructuring and comparison of relevant financial indexes.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 24.1pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The main operating business, operation status, main financial data and applicable accounting standards of parent company and acquired entity during reporting period, calculation procedure of comparison of relevant financial indexes, and whether standard application is consistent;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The main operating business, operation status and main financial data of parent company and acquired entity during reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The main operating business, operation status and main financial data of parent company and acquired entity during reporting period are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Entity</b></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Main business</b></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:11.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="color:#333333;">Beijing Tongmei</font></p></td><td rowspan="4" style="vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">R&amp;D, production and sale of indium</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">162,094.90</p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">168,634.49</p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">80,072.95</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">135,012.05</p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">103,063.54</p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">44,648.62</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Operating income</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">36,459.67</p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">40,800.67</p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">35,728.47</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">-2,475.93</p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">2,149.40</p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">-1,507.98</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">phosphide and germanium substrates</p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">-1,686.32</p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1,981.44</p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">-1,280.80</p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Baoding Tongmei</p></td><td rowspan="5" style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">R&amp;D, production and sale of GaAs substrates</p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">43,772.72</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">32,811.80</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">28,635.15</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">17,074.73</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">12,772.13</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">13,968.01</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Operating income</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">29,740.00</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">7,159.40</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,953.43</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">4,878.84</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-2,383.11</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-2,902.24</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">4,294.94</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,195.88</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-2,902.24</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Chaoyang Tongmei</p></td><td rowspan="5" style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">R&amp;D, production and sale of GaAs Single Crystal Ingots</p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">41,223.45</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">29,939.56</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">24,219.28</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">14,302.34</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">15,418.47</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">15,312.35</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Operating income</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">15,443.60</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">6,018.06</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,470.16</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,166.13</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-522.43</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,457.28</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,137.76</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">135.80</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,490.48</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Chaoyang Jinmei</p></td><td rowspan="5" style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">R&amp;D, production and sale of high-purity metals and compounds</p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">16,167.20</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">10,828.24</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">7,005.23</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">5,789.78</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">3,168.80</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,572.78</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Operating income</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">8,384.67</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">3,890.71</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,095.62</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,913.95</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,559.89</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">360.31</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,550.18</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,287.47</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">258.62</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Nanjing Jinmei</p></td><td rowspan="5" style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Sale of high-purity metals and compounds</p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">12,613.84</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">12,407.95</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">9,340.66</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">11,636.11</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">9,572.22</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">8,647.58</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Operating income</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">18,510.08</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">8,538.73</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">5,781.28</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,218.57</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">886.41</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">942.58</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,911.07</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">789.02</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">756.09</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:11.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Beijing Boyu</p></td><td rowspan="5" style="vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">R&amp;D, production and sale of PBN materials</p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">21,347.82</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">17,030.67</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">12,659.92</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net assets</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">13,461.87</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">9,404.09</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">10,415.92</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Operating income</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">13,833.26</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">11,149.72</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">9,492.30</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Total profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">4,504.35</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">3,361.01</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,541.82</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:11.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Net profits</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">3,982.74</font></p></td><td style="vertical-align:middle;width:17.14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,958.20</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,393.48</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:20pt;margin:0pt;">Note: the aforesaid financial data have been prepared in accordance with enterprise accounting</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">4</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">standard and accounting policy of this company, and have been included in the consolidated financial statement of this company, which has been audited by Reporting Accountant, and a standard Audit Report &#8220;AYHM (2022) SZ No. 61641535_B01&#8221; without reservations has been issued.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Applicable accounting standard, calculation procedure of comparison of relevant financial indexes, and whether standard application is consistent</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Accounting standards for domestic enterprises apply to relevant financial data of parent company and acquired entity during the reporting period, and the standard application is consistent. The calculation procedure of comparison of relevant financial indexes is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.57%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:33.12%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:20.25pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Entity/Item</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total assets at end of 2019</b></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Operating income of 2019</b></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total profits of 2019</b></p></td></tr><tr style="height:20.25pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Beijing Tongmei A</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">80,072.95</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">35,728.47</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-1,507.98</font></p></td></tr><tr style="height:20.25pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Baoding Tongmei B</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">28,635.15</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,953.43</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-2,902.24</font></p></td></tr><tr style="height:20.25pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Chaoyang Tongmei C</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">24,219.28</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,470.16</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-1,457.28</font></p></td></tr><tr style="height:20.25pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Chaoyang Jinmei D</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">7,005.23</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,095.62</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">360.31</font></p></td></tr><tr style="height:20.25pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei E</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9,340.66</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5,781.28</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">942.58</font></p></td></tr><tr style="height:20.25pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Beijing Boyu F</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,659.92</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9,492.30</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">1,541.82</font></p></td></tr><tr style="height:20.25pt;"><td style="vertical-align:middle;width:36.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Current account offset against restructured parties G </font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-8,238.45</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-8,856.82</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-881.63</font></p></td></tr><tr style="height:20.25pt;"><td style="vertical-align:middle;width:36.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;">Total amount of acquired entity H=B+C+D+E+F+G</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">73,621.79</font></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">11,935.97</font></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-2,396.44</font></p></td></tr><tr style="height:20.25pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.57%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion (H/A)</b></p></td><td style="vertical-align:middle;width:33.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">91.94%</b></p></td><td style="vertical-align:middle;width:14.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">33.41%</b></p></td><td style="vertical-align:middle;width:15.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">N/A</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In accordance with the provisions of &#8220;Opinions on Application of Article 12 (No material change happens on main operating business of the Issuer in recent 3 years) of The Measures for the Administration of Initial Public Offering and Listing of Stocks - Opinions No. 3 on Application of Securities and Futures Laws&#8221; (hereinafter &#8220;Opinions</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">5</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">No. 3&#8221;), If the Issuer restructures the same, similar or relevant businesses under the same corporate controlling person during the reporting period, and the total assets of the restructured party at the end of the accounting year immediately preceding the restructuring or its operating income or total profits of preceding accounting year are not less than 100% of corresponding item of the Issuer prior to restructuring, the Issuer cannot apply for public offering until it has operated for an accounting year after restructuring so that investors can know the overall operation after restructuring. If there is any related transaction between the restructured party and the Issuer in the accounting year prior to the restructuring, the total assets, operating income or total profits shall be calculated based on the standard after deducting such transaction.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As showed in aforesaid form, the total assets at end of 2019, the operating income and total profits of the restructured party in 2019 were less than corresponding items of the Issuer, so it does not fall in the circumstance stipulated by Opinions No. 3 where the application can only be made after operating for a full accounting year after restructuring; the time of completing this asset restructuring and comparison of relevant financial indexes comply with relevant laws and statutes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The Sponsor and Reporting Accountant are requested to explain the verification procedure conducted on the Issuer and valuation report of acquired equities in this asset restructuring, and give express opinions on the fairness of transaction pricing.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">With respect to the foregoing, the Accountant has implemented the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Check financial statements and breakdowns of the 5 restructured companies such as Beijing Boyu as at September 2020 to know their assets;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Check the resolutions, industrial &amp; commercial registration change and other documents of the Issuer and the restructured companies, to know the main terms and relevant provisions of restructuring issues;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Perform necessary verification procedure, including checking qualification</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">6</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">certificates of the appraisal institutions and the appraisers involved with reference to the List of Appraisal Firms Engaged in the Securities Service Business issued by the CSRC to confirm if the qualification of the appraisal firms complies with laws and regulations, to know the practice experience of appraisers and evaluate if they have professional capacity</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. Consult Assets Appraisal Report issued by </font><font style="font-size:12pt;">Sinotop Appraisal, to know the appraisal methods, main assumptions and main parameters adopted by appraisers and the appraisal result; analyze by comparing the performance of the restructured party during the reporting period, current status of the industry and prospect of the market with the appraisal methods, main assumptions and main parameters adopted by appraisers, so as to evaluate if the appraisal procedure is reasonable and suitable;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. Consult the appraisal reports issued for projects of market restructuring and the appraisal methods and procedures used therein to see whether they are greatly different with the appraisal methods and parameters adopted by the appraisers, and evaluate whether the parameters adopted by the appraisers deviate from relevant parameters in the market;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">6. Review original data used for appraisal, and obtain forecast on future profits from and interviewing with the management regarding key appraisal parameters to evaluate the reasonableness of their forecast on business development, and the relevance, integrity and accuracy of original data and evidences acquired by the appraisal;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">7. Introduce internal experts of Reporting Accountant to review reasonableness of appraisal method and key parameters adopted by appraisal firm;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">8. Check assets of the restructured party, such as estates, equipment and inventory;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">9. Interview with managerial staff of the Issuer to see operation status of the Issuer and the restructured companies, the pricing procedure in relation to acquisition and development status of the Issuer and restructured companies after the restructuring</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After verification, the Reporting Accountant holds the opinion that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In this asset restructuring, the transaction pricing method and the main appraisal</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">7</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">parameters of the Company and the restructured parties are reasonable; based on aforesaid methods, parameters and transaction backgrounds, the transaction consideration of this asset restructuring is fair.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q10. Revenue Confirmation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, 1) the Issuer adopted a variety of sales modes during the reporting period, and a part of sales contracts involved customer acceptance terms; 2) For domestic sales, the Issuer shall confirm the revenue in combination with the logistics receipt records. For overseas sales, the Issuer shall confirm the revenue according to the customs declaration form or by transporting the goods to the designated place; 3) From 2018 to 2020, the Issuer achieved about 50% of the sales revenue through AXT; 4) The Issuer provided AXT with processing materials supplied by customers in 2018, with an amount of RMB93.4538 million.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer</b><b style="font-size:12pt;font-weight:bold;"> is required</b><b style="font-size:12pt;font-weight:bold;"> to explain: (1) the revenue confirmation method and basis applicable to the sales modes such as consignment, agents and traders; (2) whether it conforms to the contract and the product delivery process by taking the logistics receipt record, customs declaration form, etc. as the basis for revenue confirmation of goods circulation, delivery methods, customer confirmation mode, payment collection mode, etc. for different sales modes; (3) whether the revenue confirmation method applicable to the part of sales revenue realized through AXT and the implementation of accounting policies are consistent; (4) the return and exchange of products during and after the reporting period and main reasons; (5) details of the provision of processing materials supplied by customers to AXT, and the revenue confirmation method applicable to the relevant revenue.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the reporting accountant are requested to explain the verification method, basis and conclusion for the following matters: (1) the matching between the revenue confirmation method and the contract and product</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">delivery under different sales modes; (2) authenticity of sales revenue at home and abroad.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 24.1pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Revenue confirmation methods and basis applicable to sales modes such as consignment, agent and trader;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the revenue recognition methods and basis applicable to such sales modes as consignment, agent and trader of the Company are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:15.1%;margin:0pt;padding:7.19pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:23.24%;margin:0pt;padding:7.19pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:42.41%;margin:0pt;padding:7.19pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.24%;margin:0pt;padding:7.19pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.44pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:23.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Consignment sales</b></p></td><td style="vertical-align:middle;width:42.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Agent sales</b></p></td><td style="vertical-align:middle;width:19.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.44pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trader sales </b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.1%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.44pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">Revenue confirmation methods</p></td><td style="vertical-align:middle;width:23.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">Revenue is confirmed when the consignor actually collects consumption</p></td><td style="vertical-align:middle;width:42.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">Different trade methods lead to different revenue confirmation methods:</p><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:14.2pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">1.</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">FOB, CIF: Revenue is confirmed when the goods are shipped and relevant customs declaration procedures are completed;</p></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:14.2pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">2.</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">CIP, DAP and DDU etc., or not agreed: Revenue is confirmed when the goods are transported to the place designated by the customer</p></div></div></div></td><td style="vertical-align:middle;width:19.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.44pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">Revenue is confirmed when a trader sells products to downstream customers.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.1%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.44pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">Revenue confirmation basis</p></td><td style="vertical-align:middle;width:23.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:12.35pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">1.</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">Confirm the sales quantity and sales time according to the statement of account with the consignor;</p></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:12.35pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">2.</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">Confirm the sales unit price according to the sales order</p></div></div></div></td><td style="vertical-align:middle;width:42.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">1.</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">FOB, CIF: Confirm the sales time with the customs clearance time of the customs declaration form; Confirm the sales quantity with the quantity recorded in the customs declaration form; Confirm the sales unit price according to the sales order&#65307;</p></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:15.85pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">2.</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">CIP, DAP and DDU etc., or not agreed: Confirm the sales quantity with </p></div></div></div></td><td style="vertical-align:middle;width:19.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.44pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">Confirm the sales quantity and sales time according to the statement of account with the trader;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">Confirm the sales unit price </p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">9</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:15.1%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:23.24%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:42.41%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.24%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.1%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.44pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:23.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:12.35pt;text-indent:-12.35pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:42.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">the logistics receipt record&#65307;Confirm the sales unit price according to the sales order</p></td><td style="vertical-align:middle;width:19.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.44pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">according to the sales order.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Whether it conforms to the contract and the product delivery process by taking the logistics receipt record, customs declaration form, etc. as the basis for revenue confirmation of goods circulation, delivery methods, customer confirmation mode, payment collection mode, etc. for different sales modes;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Specific conditions of goods circulation, delivery method, customer confirmation method, payment collection method, etc. for different sales modes</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the goods circulation, delivery methods, customer recognition methods and payment collection methods in different sales modes of the Company are detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:15.21%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:24.37%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.62%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.2%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:17pt;"><td style="vertical-align:middle;width:15.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:24.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Consignment sales</b></p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Agent sales</b></p></td><td style="vertical-align:middle;width:21.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trader sales</b></p></td><td style="vertical-align:middle;width:19.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Direct sales</b></p></td></tr><tr><td style="vertical-align:middle;width:15.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.44pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Goods circulation</b></p></td><td style="vertical-align:middle;width:24.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Production is carried out according to the sales order. After production, the Company will deliver the products to the warehouse designated by the consignor, who will receive the products as needed</p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Production is carried out according to the sales order. After production, the Company sends the products to the delivery place specified in the sales order</p></td><td style="vertical-align:middle;width:21.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Production is carried out according to the sales order. After production, the Company will send the products to the traders, who will further sell the products to downstream customers</p></td><td style="vertical-align:middle;width:19.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.44pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Production is carried out according to the sales order. After production, the Company will send the products to the delivery place designated by direct sales</p></td></tr><tr><td style="vertical-align:middle;width:15.21%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.44pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Delivery method</b></p></td><td style="vertical-align:middle;width:24.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The delivery shall be deemed to be completed based on the actual receiving of the consignor</p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Confirm the delivery method according to the corresponding trade method and </p></td><td style="vertical-align:middle;width:21.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">According to the sales agreement with the trader, when the product is sold to the trader&#8217;s </p></td><td style="vertical-align:middle;width:19.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.44pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Confirm the delivery method according to the sales order with direct sales and the </p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">10</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:15.21%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:24.37%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.62%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.2%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:middle;width:15.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.44pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:24.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">the sales order with the downstream customers</p></td><td style="vertical-align:middle;width:21.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">downstream customers, it is deemed that the delivery is completed</p></td><td style="vertical-align:middle;width:19.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.44pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">corresponding trade method</p></td></tr><tr><td style="vertical-align:middle;width:15.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.44pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Customer confirmation method</b></p></td><td style="vertical-align:middle;width:24.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Send monthly statement of account for confirmation</p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">According to the sales orders with the downstream customers, the downstream customers confirm according to the corresponding trade methods, such as customs declaration form, logistics receipt records, etc.</p></td><td style="vertical-align:middle;width:21.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">After the trader completes the delivery to the downstream customers, the statement of account shall be sent monthly for confirmation</p></td><td style="vertical-align:middle;width:19.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.44pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">According to the sales order with direct sales, direct sales confirm according to the corresponding trade method, such as customs declaration form, logistics receipt record, etc.</p></td></tr><tr><td style="vertical-align:middle;width:15.21%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.44pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Payment collection methods</b></p></td><td style="vertical-align:middle;width:24.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Bank transfer</p></td><td style="vertical-align:middle;width:19.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Bank transfer</p></td><td style="vertical-align:middle;width:21.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.94pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Bank transfer</p></td><td style="vertical-align:middle;width:19.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:7.19pt 6.44pt 7.19pt 6.94pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Bank transfer/Banker&#8217;s acceptance bill/Commercial acceptance bill</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether it conforms to the contract and the product delivery process by taking the logistics receipt record, customs declaration form, etc. as the basis for revenue confirmation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Logistics receipt records and customs declaration forms are mainly used for revenue confirmation in direct sales and agency mode: according to the sales orders signed by the Company with different customers and product delivery process, customs </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">11</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">declaration forms are used as the basis for revenue confirmation in FOB and CIF mode; the logistics receipt record is used as the basis for revenue confirmation under other modes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In case of FOB and CIF, the time point of product control transfer occurs when the products cross the ship&#8217;s rail during sea transportation, or when the products have been handed over to the air carrier or agent during air transportation. Since there is no record carrier for the time point of risk reward/control transfer, it is difficult to determine. The Company believes that when the products are shipped and the customs declaration procedures are completed, it is operable and in line with market practice to take the time point specified in the customs declaration form as the basis for revenue confirmation. Therefore, taking the customs declaration form as the basis for revenue confirmation is in line with the contract and the product delivery process.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In case of CIP, DAP and DDU, etc., the time point of product risk return/control transfer occurs when the product delivery is completed, that is, the time point of revenue confirmation shall be when the product delivery is completed. The Company delivers the products to the customer according to the sales order. At this time, the Company has transferred the risk reward/control right of the goods to the customer to complete its performance obligations, and the sales revenue can be confirmed. The Company usually delivers the products to the delivery place designated by the customer by express. After the goods are signed, the Issuer confirms the customer&#8217;s receipt of the goods according to the &#8220;signed in&#8221; displayed in the logistics information of the express bill. Therefore, the logistics receipt record is used as the proof that the customer has completed the sign in, which can be used as the basis for revenue confirmation, and is in line with the contract and product delivery process.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition, the Company&#8217;s products are mainly non standardized products. After delivery of products by the Company to customers, some customers will inspect the products mainly by, among others, checking whether the appearance and quantity of the products are defective, for acceptance. If quality problems are found in the products after they are accepted by the customer, both parties will follow the relevant return procedures of the Company, and the corresponding batch of products will be returned </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">12</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">or replaced to the extent the Company is liable therefor after verification.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III)Whether the revenue confirmation method applicable to the part of sales revenue realized through AXT and the implementation of accounting policies are consistent;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Accounting Standards for Business Enterprises No. 14 - Revenue, AXT is identified as the main responsible person after purchasing the products from the Company and before transferring the products since AXT can control the products. The Company loses its control over the products after selling the products to AXT, and confirms the revenue after the products are delivered.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company identifies AXT as the main responsible person for the following reasons:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. AXT has the pricing power when selling the products purchased from the Company, and can independently determine the price of products sold to downstream customers;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. AXT&#8217;s payment of goods to the Company is not related to AXT&#8217;s collection of payment from downstream customers, that is, AXT pays goods to the Company on a regular basis and does not default on the Company&#8217;s payment because its downstream customers default on the payment;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. AXT is primarily responsible for selling to downstream customers. AXT promises to provide quality assurance services to downstream customers and bear the responsibility of quality assurance. The Company does not bear any responsibility of quality assurance to downstream customers;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. The trade between the Company and AXT is made on terms of FOB, under which AXT needs to bear the risk of damage and loss of inventory before product transfer. During sea transportation, when the products cross the ship&#8217;s rail or during air transportation, when the products are delivered to the custody of the air carrier or agent, the Company can confirm the sales revenue. When the Company completes the product delivery obligation, the performance obligation of the sales contract will be completed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Assuming that the Company recognizes revenue from sales of products to AXT when AXT sells the same, the comparison between its such revenue and the current </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">13</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">revenue during the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Item</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Revenue recognized when selling products to AXT </font><font style="font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">85,734.52</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">58,317.04</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">46,222.68</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Revenue recognized when AXT sells products </font><font style="font-size:10.5pt;">&#9313;</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">87,015.33</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">59,078.36</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">45,758.80</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.14%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Discrepancy </font><font style="font-size:10.5pt;">&#9314;</font><font style="font-size:10.5pt;"> = </font><font style="font-size:10.5pt;">&#9313;</font><font style="font-size:10.5pt;"> - </font><font style="font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,280.81</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">761.32</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">-463.88</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.14%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Discrepancy rate </font><font style="font-size:10.5pt;">&#9315;</font><font style="font-size:10.5pt;"> = </font><font style="font-size:10.5pt;">&#9314;</font><font style="font-size:10.5pt;"> &#247; </font><font style="font-size:10.5pt;">&#9313;</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1.47%</font></p></td><td style="vertical-align:middle;width:17.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1.29%</font></p></td><td style="vertical-align:middle;width:17.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">-1.01%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As can be seen from the above table, the discrepancy between the revenue of the Company from sales of products to AXT on the assumption that it is recognized when AXT sells the same and its current one is small, which was mainly caused by the time difference.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, since the trading mode of sales orders signed between the Company and AXT has not changed significantly, the Company has not significantly changed the sales revenue confirmation method of AXT, and the implementation of accounting policies is consistent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The return and exchange of products during and after the reporting period and the main reasons;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During and after the reporting period (as of the end of February 2022), the goods returned and exchanged by the Issuer amounted to RMB1.8611 million, RMB2.5389 million, RMB4.5334 million and RMB828,400 (unaudited) respectively, accounting for a small proportion of 0.40%, 0.51%, 0.54% and 0.50% (unaudited) in the main business revenue of the corresponding period, respectively, mainly due to the surface defects of the Company&#8217;s semiconductor substrate materials after customers&#8217; epitaxial production, in response to which, the Company will have the following after-sales processing: when the sold products can be processed and utilized, they will be resent to the customer after the repair meets the relevant technical standards; when the product is damaged and cannot be recycled, the customer will be compensated and sent a new product.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(V) Details of the provision of processing materials supplied by customers to AXT, and the revenue confirmation method applicable to the relevant revenue.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">14</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20.9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the beginning of its establishment, the Company mainly focused on overseas customers. AXT, as the entity making sales and purchasing raw materials overseas, provided the Company with main raw materials, etc., took delivery of semiconductor substrate products from the Company after processing by the Company, and sold them to overseas customers. AXT provides or designates main raw materials and a certain amount of auxiliary materials. The Issuer provides processing business against consideration, covering processing fees and other costs (self-purchased main and auxiliary materials, labor, depreciation, amortization, etc.). Under the processing mode with supplied materials, the Issuer does not record the materials provided by AXT, and recognizes them as processing service revenue.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20.9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">With the rapid development of the semiconductor industry in China, downstream customers have grown rapidly, and the production level of domestic suppliers has gradually improved. Since August 2018, the business between AXT and the Issuer has changed from entrusted processing to general trade.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20.9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2018, the main raw materials and auxiliary materials from AXT for processing received by the Company, the production costs invested by the Company and the corresponding income are detailed as below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.73%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Product name</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Input of main materials and auxiliary materials provided by AXT</b></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Some main materials and other auxiliary materials invested by the Issuer</b></p></td><td style="vertical-align:middle;width:20.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Other labor and manufacturing expenses invested by the Issuer</b></p></td><td style="vertical-align:middle;width:13.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Revenue from processing with supplied materials</b></p></td><td style="vertical-align:middle;width:13.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion of revenue</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.73%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">GaAs substrate</font></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,167.16 </font></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,420.73 </font></p></td><td style="vertical-align:middle;width:20.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,731.51</font></p></td><td style="vertical-align:middle;width:13.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6,000.27</font></p></td><td style="vertical-align:middle;width:13.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">64.21%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.73%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP substrate</font></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,096.23 </font></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">805.56 </font></p></td><td style="vertical-align:middle;width:20.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1,903.04</font></p></td><td style="vertical-align:middle;width:13.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,487.93</font></p></td><td style="vertical-align:middle;width:13.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26.62%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.73%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Germanium substrate</font></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">830.43 </font></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">161.95 </font></p></td><td style="vertical-align:middle;width:20.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">404.37</font></p></td><td style="vertical-align:middle;width:13.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">857.17</font></p></td><td style="vertical-align:middle;width:13.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9.17%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.73%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:17.67%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">5,093.82 </b></p></td><td style="vertical-align:middle;width:20.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">3,388.24 </b></p></td><td style="vertical-align:middle;width:20.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">5,038.92</b></p></td><td style="vertical-align:middle;width:13.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">9,345.37</b></p></td><td style="vertical-align:middle;width:13.08%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">For the processing and sales business with materials supplied by AXT, the relevant processing revenue is recognized using the net method when the Issuer has completed the customs declaration of the goods according to the contract, the relevant economic </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">15</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">benefits are likely to flow in, and the main risks and rewards of property in the goods have been transferred.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer recognizes the revenue from professing with supplied materials by the net amount method. In 2018, the Company still applied the Accounting Standards for Business Enterprises No. 14 - Revenue (CK [2006] No. 3), but since the standards have no express provisions on how to judge a principal liable person and an agent, the Issuer made the judgment the same with reference to the provisions on applicable revenue recognition of the Accounting Standards for Business Enterprises No. 14 - Revenue (CK [2017] No. 22).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Pursuant to Article 34 of the Accounting Standards for Business Enterprises No. 14 - Revenue (CK [2017] No. 22), an enterprise shall judge whether it acts as the principal liable person or an agent when conducting transactions based on the fact whether it has the right to control the goods before transferring them to the customer. If the enterprise is able to control the goods before transferring them to the customer, the enterprise acts as the principal liable person and shall recognize revenue according to the total consideration received or receivable; otherwise, the enterprise acts as an agent and shall recognize revenue according to the amount of expected commission or handling charge to which the enterprise is entitled, and such an amount shall be determined according to the total consideration received or receivable deducted by the price to be paid to other parties, or according to a specified commission amount or proportion, among others.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In light of the contractual terms, the basis for the Issuer to determine the use of net method for recognizing revenue from processing with supplied materials is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Whether the enterprise is primarily responsible for transferring goods to the customer: the Issuer does not assume the primary responsibility for transferring goods to AXT as raw materials are mainly supplied by AXT or purchased from suppliers designated by AXT, and the entrusted processing technical standards and quality requirements are formulated by AXT;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Whether the enterprise bears inventory risks in relation to the goods before or after the transfer thereof: for the raw materials supplied by AXT, the ownership and </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">16</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">control of their inventories remain with AXT, with the Issuer only bearing the risk of damage to and loss of such inventories caused by improper storage;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Whether the enterprise has the right to independently decide on the price of traded goods: the price of the products sold by the Issuer to AXT does not include the cost of corresponding raw materials, and the Company can only price the processing fees included in the final products and the materials purchased by itself, having no full right to decide on the sales price of the final products;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the Issuer&#8217;s processing with supplied materials is in essence a business whereby the main raw materials are supplied by AXT or purchased from suppliers designated by AXT, and the Issuer processes goods in accordance with AXT&#8217;s quality standards against the charge of processing fees. The Issuer only bears the risk of damage to and loss of inventories caused by improper storage without full right to decide on the sales price of the final products. The Issuer judges that the Company has no control right over the goods before transferring them and thus acts as an agent in such business with reference to the Accounting Standards for Business Enterprises No. 14 - Revenue (CK [2017] No. 22). Accordingly, the net method is used for the recognization of relevant revenue.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The Sponsor and the reporting accountant are requested to explain the verification method, basis and conclusion for the following matters: (1) the matching between the revenue confirmation method and the contract and product delivery under different sales modes; (2) authenticity of sales revenue at home and abroad.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Verification method, basis and conclusion of matching between revenue recognition method and contract agreement and product delivery under different sales modes</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In view of the matching of revenue confirmation method with contract agreement and product delivery under different sales modes, the Sponsor and reporting accountant have implemented the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Understand the Issuer&#8217;s revenue confirmation policy, analyze and evaluate whether the Issuer&#8217;s revenue confirmation policy is appropriate;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">17</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Obtain and review the sales contracts or orders signed between the Issuer and its main customers, and check the terms of agreed rights and obligations, main risks and remuneration assumption and so on in the contract; the terms of performance obligations and control transfer of relevant goods or services in the contract, according to the Accounting Standards for Business Enterprises No. 14 - Revenue, analyze and evaluate the rationality of the Issuer&#8217;s revenue confirmation policy;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Implement the walk-through procedure and cut-off test procedure for the revenue during the reporting period; compare and analyze the original vouchers related to revenue confirmation with the relevant terms of the customer&#8217;s corresponding contract or order;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Interview the main customers under different business models to understand their cooperation background, business model, main contract terms, etc.;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After verification, the Sponsor and the Reporting Accountant believes that during the reporting period, the Company&#8217;s revenue confirmation method under different sales modes matched the contract and product delivery.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21.3pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Verification method, basis and conclusion of the authenticity of domestic and foreign sales revenue</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the authenticity of domestic and foreign sales revenue, the Sponsor and the Reporting Accountant have implemented the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Understand the key internal control related to revenue recognition, evaluate the internal control design, determine whether it has been implemented, and test the operation effectiveness of relevant internal control;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Check the main sales contracts, identify the terms related to the main risks of commodity ownership and the transfer of remuneration/control, and evaluate whether the revenue confirmation policy complies with the provisions of the Accounting Standards for Business Enterprises;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Sampling inspection of domestic and foreign sales revenue, and inspection of original contracts, invoices, customs declarations forms, logistics records and other original documents, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">18</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:37.06%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.63%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.63%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.65%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.06%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:21.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.06%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.15pt;"><font style="font-size:10.5pt;">Income covered by sampling</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">38,952.41</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">30,170.54</font></p></td><td style="vertical-align:middle;width:21.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">25,792.81</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.06%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.15pt;"><font style="font-size:10.5pt;">Operating income</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">85,734.52</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">58,317.04</font></p></td><td style="vertical-align:middle;width:21.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">46,222.68</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.06%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.15pt;"><font style="font-size:10.5pt;">Coverage ratio</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">45.43%</font></p></td><td style="vertical-align:middle;width:20.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">51.74%</font></p></td><td style="vertical-align:middle;width:21.65%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">55.80%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20.9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Conduct a cut-off test on the sales situation before and after the balance sheet date, check the delivery order, customs declaration form, packing list, bill of lading, invoice and other documents, and check whether the revenue is intertemporal;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20.9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(5) Implement analytical procedures, check the fluctuations of major customers during the reporting period, and learn from the Issuer about the business cooperation background of new major customers and the main reasons for revenue fluctuations;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20.9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(6) Send letters to customers for the revenues during the reporting period and each closing transaction balance to confirm the authenticity and accuracy of the revenue amount, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:50.25%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Ratio of </font><font style="font-size:10.5pt;white-space:pre-wrap;">accounts receivable balance covered by confirmation request letter  </font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">92.94%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">92.56%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">96.74%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Ratio of operating income covered by confirmation request letter </font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">90.32%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">89.57%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">94.14%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Proportion of reply (calculated by the amount of accounts receivable in the reply)</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">86.70%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">98.76%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">99.22%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Proportion of reply (calculated by the amount of operating income in the reply)</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">81.22%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">99.22%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">98.60%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:10.5pt;">Seek confirmations from end customers after looking through AXT for the sales of products during the </font><font style="font-size:12pt;">reporting period, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:50.25%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;white-space:pre-wrap;"> 2021</b></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Proportion of amount from major customers covered by confirmation request letter in AXT&#8217;s operating income</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">68.50%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">75.51%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">68.63%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.25%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Proportion of reply (calculated by the amount of operating income in the reply)</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">77.41%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">62.84%</font></p></td><td style="vertical-align:middle;width:16.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">53.43%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">(7) Obtain the Issuer&#8217;s electronic port data, check the electronic port data with the Company&#8217;s book export revenue, and analyze the reasons for the discrepancy, with the verified export revenue as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">19</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:99.91%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:37.43%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.84%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.85%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.85%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">E-port data </font><font style="font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">11,805.39</font></p></td><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">33,536.69</font></p></td><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">27,965.77</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">The </font><font style="font-size:10.5pt;">Issuer&#8217;s overseas sales revenue </font><font style="font-size:10.5pt;">&#9313;</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">10,506.71</font></p></td><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">33,609.67</font></p></td><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">28,038.70</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.43%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:12pt;">Discrepancy</font><font style="font-size:10.5pt;"> </font><font style="font-size:10.5pt;">&#9314;</font><font style="font-size:10.5pt;"> = </font><font style="font-size:10.5pt;">&#9313;</font><font style="font-size:10.5pt;"> - </font><font style="font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">-1,298.68</font></p></td><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">72.98</font></p></td><td style="vertical-align:middle;width:20.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">72.93</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.43%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Discrepancy rate </font><font style="font-size:10.5pt;">&#9315;</font><font style="font-size:10.5pt;">=</font><font style="font-size:10.5pt;">&#9314;</font><font style="font-size:10.5pt;">/</font><font style="font-size:10.5pt;">&#9313;</font></p></td><td style="vertical-align:middle;width:20.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">-12.36%</font></p></td><td style="vertical-align:middle;width:20.85%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">0.22%</font></p></td><td style="vertical-align:middle;width:20.85%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">0.26%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20pt;margin:0pt 0pt 12pt 0pt;">Note: Since the Company&#8217;s sales of semiconductor substrate materials overseas have been carried out through AXT-Tongmei since March 2021, the E-port data and the Issuer&#8217;s overseas sales revenue in 2021 are only based on the overseas sales directly carried out by the Issuer&#8217;s domestic entities in China.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">It can be seen from the above table that in 2019 and 2020, the Issuer&#8217;s E-port data was basically consistent with the export revenue data; the relatively large discrepancy in 2021 arose mainly from the new consignment customers of the Company due to the business handover between AXT and AXT-Tongmei in March 2021. For details, please refer to &#8220;X.(II).6.(5) Collection of price for goods and adjustments to sales during the period for which ATX&#8217;s business was transferred to the Company&#8217;s subsidiary in the US&#8221; in Section VII of the Prospectus. After excluding the above factors, there was no discrepancy between the Company&#8217;s E-port data and export revenue data in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(8) Obtain the Issuer&#8217;s tax exemption and refund declaration form and approval notice, check with the export sales revenue and analyze the reasons for the differences;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(9) Interview with the main customers in each reporting period through video or field visit to understand the rights and obligations undertaken by the Company, specific terms of the contract, corresponding after-sales service arrangements, etc., form interview records on the transaction essence and transaction volume in the reporting period to confirm the occurrence of the transaction, and interview with end customers after looking through AXT to see whether the products sold by the Company through AXT have been finally sold, etc.; during the reporting period, the amount covered by the interview and its proportion in operating income are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">In RMB0&#8217;000</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:99.48%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:19.95%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Period</b></p></td><td colspan="2" style="vertical-align:middle;width:40.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Before looking through AXT</b></p></td><td colspan="2" style="vertical-align:middle;width:40%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">After looking through AXT</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:19.95%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:20.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.95%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2021</font></p></td><td style="vertical-align:middle;width:20%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">65,416.89</font></p></td><td style="vertical-align:middle;width:20.03%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">76.30%</font></p></td><td style="vertical-align:middle;width:20%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">63,814.92</font></p></td><td style="vertical-align:middle;width:20%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">74.43%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">20</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:1pt;"><td colspan="2" style="vertical-align:middle;width:20.05%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.94%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.94%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="2" style="vertical-align:middle;width:19.95%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:middle;width:20%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="2" style="vertical-align:middle;width:20%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="2" style="vertical-align:middle;width:20%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td colspan="2" style="vertical-align:middle;width:20%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2020</font></p></td><td colspan="2" style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">50,838.82</font></p></td><td style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">87.18%</font></p></td><td colspan="2" style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">43,891.79</font></p></td><td colspan="2" style="vertical-align:middle;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">75.26%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2019</font></p></td><td colspan="2" style="vertical-align:middle;width:20%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">38,421.51</font></p></td><td style="vertical-align:middle;width:20%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">83.12%</font></p></td><td colspan="2" style="vertical-align:middle;width:20%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">32,503.22</font></p></td><td colspan="2" style="vertical-align:middle;width:20%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">70.32%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20pt;margin:0pt 0pt 12pt 0pt;">Note: Before looking through AXT, AXT was the interviewee of the Company, while after looking through AXT, the end and major customers of AXT were the interviewees of the Company, so the overall amount covered by the interview reduced to a certain extent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(10) Obtain the sales details of AXT during the reporting period, and check through comparison whether there is a significant difference between its income and the income of the Issuer during the reporting period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(11) Examine the Company&#8217; receipts during the reporting period randomly; check the corresponding bookkeeping vouchers and bank receipts to verify the authenticity of the Company&#8217;s revenue;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(12) Check the credit reports of major overseas customers, enterprise credit information and other public information of domestic companies, verify their business scale and shareholder composition, check the questionnaire filled in by the Issuer, directors, supervisors and senior managers, and confirm whether there is an association relationship between overseas customers and the Company and related parties;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(13) Check the account statements of the Issuer, directors, supervisors, senior managers, important financial personnel and other interested parties during the reporting period to confirm whether the Company has external collection.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After verification, the Sponsor and the Reporting Accountant believe that the domestic and foreign sales revenues of the Company are authentic, accurate and complete during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q12. Inventory</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus, 1) at the end of each period of the reporting period, the book balance of the Issuer&#8217;s inventories was respectively RMB278,036,100, RMB269,292,100, RMB299,198,000 and RMB347,436,600; 2) the proportion of the inventory depreciation reserve to the inventory book balance was respectively 3.49%, 8.76%, 4.87% and 4.92%.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the reason for any change to the </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">21</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">inventory composition of the Company at the end of each period of the reporting period; (2) the matching between the inventory balance and the orders on hand, as well as the sales and carry-over after the inventory balance period during the reporting period; (3) the method and basis for determining the net realizable value of inventories, provision for depreciation of inventories of different ages, and whether the provision for inventory depreciation is adequate.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to explain: information about the supervision of the Issuer&#8217;s inventory counts at the end of each period of the reporting period, and explicit opinions on the authenticity of the inventories and the adequacy of the provision for depreciation.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-size:12pt;font-weight:bold;">I.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-size:12pt;font-weight:bold;">Explanation from the Issuer</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:23.45pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">(I)</b></font><b style="font-size:12pt;font-weight:bold;">Reason for any change to the inventory composition of the Company at the end of each period of the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The specific composition of the Company&#8217;s inventories at the end of each period of the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type</b></p></td><td colspan="2" style="vertical-align:middle;width:28.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2021</b></p></td><td colspan="2" style="vertical-align:middle;width:28.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2020</b></p></td><td colspan="2" style="vertical-align:middle;width:28.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Book Balance</b></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Book Balance</b></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Book Balance</b></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Raw materials</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6,655.61</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">16.60%</font></p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">10,101.50</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">33.76%</font></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,241.07</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">15.76%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Semi-finished products</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,052.81</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">30.05%</font></p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8,746.95</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">29.23%</font></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">11,093.40</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">41.19%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Work-in-process</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,763.01</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">31.83%</font></p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">7,435.33</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">24.85%</font></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">7,689.58</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">28.55%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:14.12%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Goods in stock</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6,621.49</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">16.51%</font></p></td><td style="vertical-align:middle;width:14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,558.02</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">11.89%</font></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,905.15</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">14.50%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.12%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Goods upon delivery</font></p></td><td style="vertical-align:middle;width:14.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,010.52</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5.01%</font></p></td><td style="vertical-align:middle;width:14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">78.00</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.26%</font></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:14.54%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">22</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:14.12%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.18%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.53%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.53%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.12%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:14.18%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">40,103.45</b></p></td><td style="vertical-align:middle;width:14.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:14%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">29,919.80</b></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:14.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">26,929.21</b></p></td><td style="vertical-align:middle;width:14.53%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company&#8217;s inventories are mainly gallium arsenide, indium phosphide, germanium substrates and other inventory commodities, as well as unprocessed and uncut crystal bars and various raw materials. At the end of each period of the reporting period, the book balance of the Company&#8217;s inventories was respectively RMB269,292,100, RMB299,198,000 and RMB401,034,500 respectively; during the reporting period, the Company realized revenues of RMB462,226,800, RMB583,170,400 and RMB857,345,200 respectively. On the whole, the inventory balance increased with the revenues, with a consistent fluctuation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In terms of inventory composition, at the end of each period of the reporting period, the proportion of various types of inventories has changed. The specific reasons are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Raw materials</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the Company&#8217;s book balance of raw materials was RMB42,410,700, RMB101,015,000 and RMB66,556,100 respectively, accounting for 15.76%, 33.76% and 16.60% respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of 2019 and at the end of 2021, the proportion of raw materials was relatively stable, while that at the end of 2020 was higher. The main reasons are as follows: (1) The Company&#8217;s production base in Chaoyang was gradually completed in 2020, the production line has been launched for commissioning, and the Company has increased the procurement of raw materials as needed for the new capacity. (2) With the increasing market demand for various products, the Company obtained more orders at the end of 2020. (3) With the rising price of metal gallium, the Company expects a continued upward trend. Thus, in the second half of 2020, the Company increased the purchase of metal gallium appropriately. (4) As the germanium ingot market was affected by the short supply of upstream raw materials, the market supply of germanium</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">23</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">was in a short state, and the Company increased the purchase of germanium ingots.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Changes in semi-finished products</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, semi-finished products of the Company had a balance of RMB110,934,000, RMB87,469,500 and RMB120,528,100 respectively, accounting for 41.19%, 29.23% and 30.05% respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The proportion of semi-finished products at the end of 2020 and 2021 was relatively stable. At the end of 2019, the proportion of semi-finished products was relatively high, mainly because of the relocation of gallium arsenide crystal production, gallium arsenide chip production and high-purity material production from Beijing Tongmei and Nanjing Jinmei to Chaoyang Tongmei, Baoding Tongmei and Chaoyang Jinmei; meanwhile, in the second half of 2018, Beijing Boyu was notified that its leased plant would be expropriated, so that it would relocate its production equipment successively to Chaoyang Boyu and other plants in 2019. Affected by the expected relocation, the Company reserved a large quantity of semi-finished products at the end of 2018. However, due to the inadequate operation rate due to the relocation in 2019, some semi-finished products were not claimed in time.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. Changes in work-in-process</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the Company&#8217;s balance of work-in-process was RMB76,895,800, RMB74,353,300, and RMB127,630,100 respectively, accounting for 28.55%, 24.85% and 31.83% respectively, and the proportions fluctuated.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In terms of balance, at the end of 2020, the Company&#8217;s work-in-process remained relatively stable, while the proportion decreased slightly compared with that at the end of 2019, mainly due to the reserve of more raw materials pending use at the end of the year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of 2021, the proportion increased significantly due to the following reasons: (1) after the Company completed the relocation, the production line in</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">24</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Chaoyang was completed in 2020 and 2021, which continued to release capacity. (2) affected by the rapid increase in the demand of the downstream application market, in 2021, the sales of various major products of the Company all showed a certain increase, further improving the Company&#8217;s operating rate. Due to all of the foregoing reasons, the amount and proportion of work-in-process increased rapidly at the end of 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">4. Changes in goods in stock</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the Company&#8217;s goods in stock had a balance of RMB39,051,500, RMB35,580,200 and RMB66,214,900, accounting for 14.50%, 11.89% and 16.51%, respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of 2020, the balance and proportion of the Company&#8217;s goods in stock decreased slightly, mainly because of: (1) The market demand for high-purity gallium increased significantly in 2020, and the sales revenues in 2020 increased by 198.70% compared with that in 2019, resulting in a significant increase in shipment. (2) The Company reserved a large quantity of raw materials at the end of 2020, resulting in a decline in the proportion of goods in stock.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of 2021, the balance and proportion of the Company&#8217;s goods in stock increased significantly, mainly because of: Affected by the rapid increase in the demand of the downstream application market, the sales of various main products of the Company in 2021 showed a certain increase. Meanwhile, the number of the Company&#8217;s orders on hand increased rapidly; as a result, for timely delivery to downstream customers, the Company accelerated the production schedule on the basis of an increased production capacity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">5. Changes in goods upon delivery</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the ending balance of goods upon delivery by the Company was 0, RMB780,000 and RMB20,105,200 respectively, accounting for 0, 0.26% and 5.01% respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of 2021, the quantity of goods upon delivery increased rapidly. The</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">25</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">reason was that after the Company completed the switch in March 2021, some new consignment customers were newly added, resulting in an increase in the balance of overseas consignment inventory.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:23.45pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">(II)</b></font><b style="font-size:12pt;font-weight:bold;">At the end of each period of the reporting period, the matching between the Company&#8217;s inventory balance and the orders on hand, as well as the sales and carry-over after the inventory balance period during the reporting period:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:23.45pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">1.</b></font><b style="font-size:12pt;font-weight:bold;">Matching between the Company&#8217;s inventory balance and the orders on hand</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Matching between the Company&#8217;s inventory balance and the orders on hand during each period of the reporting period</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:34.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2021</b></p></td><td style="vertical-align:middle;width:21.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2020</b></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:34.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Inventory balance</font></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">40,103.45</font></p></td><td style="vertical-align:middle;width:21.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">29,919.80</font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26,929.21</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:34.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Balance of goods in stock</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">goods upon delivery</font></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">8,632.01</font></p></td><td style="vertical-align:middle;width:21.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,636.02</font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,905.15</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:34.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Amount of orders on hand at the end of the period</font></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">39,054.58 </font></p></td><td style="vertical-align:middle;width:21.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26,583.45 </font></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">19,577.56 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:34.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Inventory coverage for orders on hand</b></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">97.39%</b></p></td><td style="vertical-align:middle;width:21.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">88.85%</b></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">72.70%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:34.27%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Finished products coverage for orders on hand</b></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">452.44%</b></p></td><td style="vertical-align:middle;width:21.99%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">731.11%</b></p></td><td style="vertical-align:middle;width:20.83%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">501.33%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 1.7pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 1.7pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the inventory coverage for orders on hand of the Company was 72.70%, 88.85% and 97.39% respectively, showing a rapid increase on a year-on-year basis, which was close to 100% at the end of the reporting period. The finished products coverage for orders on hand was 501.33%, 731.11% and 452.44% respectively, representing a full coverage of finished products of the Company. In recent years, given the rapid development of downstream sectors and the continuous expansion of product application fields, the demand for various products of the Company has increased, and accordingly the orders on hand and the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">26</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">ending balance of inventory have increased rapidly. Generally speaking, the coverage of the amount of orders on hand to the inventory balance is relatively high, and the ending balance of inventory basically matches the orders on hand.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:23.45pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">2.</b></font><b style="font-size:12pt;font-weight:bold;">Post-period sales and carry-over of inventory balance during the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of February 28, 2022, the Issuer&#8217;s subsequent carry-over of inventory at the end of each period of the reporting period was as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.44%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:27.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2021</b></p></td><td style="vertical-align:middle;width:27.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2020</b></p></td><td style="vertical-align:middle;width:23.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:21.44%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Inventory Book Balance</font></p></td><td style="vertical-align:middle;width:27.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">40,103.45</font></p></td><td style="vertical-align:middle;width:27.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">29,919.80</font></p></td><td style="vertical-align:middle;width:23.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26,929.21</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:21.44%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Subsequent Carry-over Amount</font></p></td><td style="vertical-align:middle;width:27.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">26,319.26</font></p></td><td style="vertical-align:middle;width:27.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">27,955.94</font></p></td><td style="vertical-align:middle;width:23.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">25,867.22</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:21.44%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Subsequent Carry-out Ratio</b></p></td><td style="vertical-align:middle;width:27.48%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">65.63%</b></p></td><td style="vertical-align:middle;width:27.48%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">93.44%</b></p></td><td style="vertical-align:middle;width:23.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">96.06%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 1.7pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the above table, as of February 28, 2022, the Issuer&#8217;s subsequent inventory carry-over rate at the end of each period of the reporting period was 96.06%, 93.44% and 65.63% respectively, and the subsequent carry-over was in a good condition.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:23.45pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">(III)</b></font><b style="font-size:12pt;font-weight:bold;">Method and basis for determining the net realizable value of inventory, the provision for declining prices of inventory of different storage ages, and whether the provision for declining prices of inventory is adequate.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:23.45pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">1.</b></font><b style="font-size:12pt;font-weight:bold;">Method and basis for determining the net realizable value of inventory</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer measures the carrying amount of inventories at the cost or the net realizable value on the balance sheet date, whichever is lower. If the cost of inventory is higher than its net realizable value, the provision for inventory depreciation is made. For inventories held for the performance of sales contracts, the net realizable value of inventories is calculated based on the contract prices, and for other general products, it</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">27</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">is calculated based on the prices of the same or similar products sold recently. Meanwhile, based on the principle of prudence, for auxiliary materials of more than 1 year, the Company makes a full provision for inventory depreciation; for separately identified deteriorated, damaged or unusable inventories, the provision is separately made.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For finished products directly used for sale, the net realizable value is determined by the estimated selling price of the inventory less the estimated selling expenses and relevant taxes; for materials held for production, etc., where the net realizable value of the finished products produced from such materials is higher than the cost, the materials should still be measured at the cost; if the decline in the price of the materials indicates that the net realizable value of the finished products is lower than the cost, the materials should be measured at the net realizable value.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:23.45pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">2.</b></font><b style="font-size:12pt;font-weight:bold;">Provision for declining prices of inventory of different storage ages, and whether the provision for declining prices of inventory is adequate</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The provision for declining prices of inventory of different storage ages at the end of each period of the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:20.15pt;"><td rowspan="2" style="vertical-align:middle;width:6.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Item</b></p></td><td colspan="3" style="vertical-align:middle;width:31.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">December 31, 2021</b></p></td><td colspan="3" style="vertical-align:middle;width:31.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">December 31, 2020</b></p></td><td colspan="3" style="vertical-align:middle;width:31.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:20.15pt;"><td style="display:none;vertical-align:middle;width:6.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="color:#333333;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Balance</b></p></td><td style="vertical-align:middle;width:11.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Depreciation Reserve</b></p></td><td style="vertical-align:middle;width:10.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Provision Proportion</b></p></td><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Balance</b></p></td><td style="vertical-align:middle;width:11.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Depreciation Reserve</b></p></td><td style="vertical-align:middle;width:10.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Provision Proportion</b></p></td><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Balance</b></p></td><td style="vertical-align:middle;width:11.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Depreciation Reserve</b></p></td><td style="vertical-align:middle;width:10.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Provision Proportion</b></p></td></tr><tr style="height:20.15pt;"><td style="vertical-align:top;width:6.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt;">Within 1 year</p></td><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><font style="color:#333333;">37,614.00</font></p></td><td style="vertical-align:middle;width:11.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><font style="color:#333333;">346.23</font></p></td><td style="vertical-align:middle;width:10.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><font style="color:#333333;">0.92%</font></p></td><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;">28,048.20</p></td><td style="vertical-align:middle;width:11.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><font style="color:#333333;">187.47</font></p></td><td style="vertical-align:middle;width:10.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><font style="color:#333333;">0.67%</font></p></td><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;">24,401.54</p></td><td style="vertical-align:middle;width:11.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;">752.82</p></td><td style="vertical-align:middle;width:10.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><font style="color:#333333;">3.09%</font></p></td></tr><tr style="height:20.15pt;"><td style="vertical-align:top;width:6.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt;">Over 1 year</p></td><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><font style="color:#333333;">2,489.45</font></p></td><td style="vertical-align:middle;width:11.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,375.43</font></p></td><td style="vertical-align:middle;width:10.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><font style="color:#333333;">55.25%</font></p></td><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;">1,871.60</p></td><td style="vertical-align:middle;width:11.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,268.34</font></p></td><td style="vertical-align:middle;width:10.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><font style="color:#333333;">67.77%</font></p></td><td style="vertical-align:middle;width:9.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;">2,527.67</p></td><td style="vertical-align:middle;width:11.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;">1,606.86</p></td><td style="vertical-align:middle;width:10.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><font style="color:#333333;">63.57%</font></p></td></tr><tr style="height:20.15pt;"><td style="vertical-align:top;width:6.76%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">Total</p></td><td style="vertical-align:middle;width:9.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">40,103.45</b></p></td><td style="vertical-align:middle;width:11.71%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">1,721.66</b></p></td><td style="vertical-align:middle;width:10.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">4.29%</b></p></td><td style="vertical-align:middle;width:9.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">29,919.80</b></p></td><td style="vertical-align:middle;width:11.71%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">1,455.81</b></p></td><td style="vertical-align:middle;width:10.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">4.87%</b></p></td><td style="vertical-align:middle;width:9.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">26,929.21</b></p></td><td style="vertical-align:middle;width:11.71%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">2,359.68</b></p></td><td style="vertical-align:middle;width:10.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">8.76%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of each reporting period, the Issuer&#8217;s inventories mainly had an age of within one year, accounting for a relatively high proportion of 90.61%, 93.74% and 93.79% respectively. The provisions for decline in value of inventories were made focusing on those aged over one year, of which, the Company has made full provisions for the auxiliary materials aged over 1 year for the sake of prudence, and also made</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">28</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">provisions for some semi-finished products and finished products due to changes in customer demand and other reasons.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer&#8217;s products are customer-oriented, with customized products accounting for a high proportion. At the end of each period of the reporting period, the Issuer had a relatively adequate inventory coverage of orders on hand; the inventory balance within one year accounted for a relatively high proportion; and the subsequent carry-over of inventory was in a good condition. Besides, a comparison of the ratio of provision for decline in value of inventory between the Company and comparable listed companies in the same industry is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.7%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2021</b></p></td><td style="vertical-align:middle;width:24.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2020</b></p></td><td style="vertical-align:middle;width:24.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.7%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">SICC</font></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">1.48%</font></p></td><td style="vertical-align:middle;width:24.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.43%</font></p></td><td style="vertical-align:middle;width:24.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">0.58%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.7%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">NSIG</font></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:24.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9.47%</font></p></td><td style="vertical-align:middle;width:24.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3.96%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.7%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Average</b></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1.48%</b></p></td><td style="vertical-align:middle;width:24.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">4.95%</b></p></td><td style="vertical-align:middle;width:24.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2.27%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.7%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Issuer</b></p></td><td style="vertical-align:middle;width:27.4%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">4.29%</b></p></td><td style="vertical-align:middle;width:24.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">4.87%</b></p></td><td style="vertical-align:middle;width:24.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">8.76%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 1.7pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20pt;margin:0pt 0pt 12pt 0pt;">Note: The data on SICC and NSIG are sourced from their annual reports and prospectuses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The proportion of the Company&#8217;s provision for decline in value of inventory is generally higher than the average level of comparable companies in the same industry, mainly due to the relatively low proportion of SICC. At the end of 2020, the proportion of the Company&#8217;s provision for decline in value of inventory was lower than that of NSIG, mainly because the production of epilayers in 300mm wafers was still in the ramp-up stage with continuous product certification, the process and quality needed to be improved, and the production cost was higher than their market price.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the Issuer&#8217;s provision for inventory depreciation is adequate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:23.45pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">II.</b></font><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to explain: information about the supervision of the Issuer&#8217;s inventory counts at the end of each period of the reporting period, and explicit opinions on the authenticity of the inventories and the adequacy of the provision for depreciation.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">29</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:28.35pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:28.35pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-size:12pt;font-weight:bold;">(I)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-size:12pt;font-weight:bold;">Information about the supervision of the Issuer&#8217;s inventory counts</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company carried out inventory counts for the whole year of 2020, half year of 2021 and whole year of 2021 on January 1-3, 2021, June 29-July 2, 2021 and December 25-31, 2021. The scope of inventory included raw materials, work-in-progress, semi-finished products and goods in stock. The Sponsor and the Reporting Accountant supervised the inventory counts throughout the process. The specific supervision procedures are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 21pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.7pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font><font style="font-size:12pt;">Understand, test and evaluate internal controls related to inventory management;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 21pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.7pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font><font style="font-size:12pt;">Obtain the Issuer&#8217;s inventory count plan for the whole year of 2020, half year of 2021 and whole year of 2021, understand the storage location and inventory status, and formulate a supervision plan; implement the supervision procedures according to the supervision plan;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 21pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.7pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">3.</font></font><font style="font-size:12pt;">Observe the inventory distribution in the warehouse, observe the inventory count process of the inventory personnel, check whether it is carried out according to the inventory plan, and accurately record the inventory balance and status; during the inventory count process, focus on whether there is any difference in the inventory balance and whether the inventory is destroyed or damaged;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 21pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.7pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">4.</font></font><font style="font-size:12pt;">Take some types of inventories and check them with the inventory personnel; select part of the inventory in the inventory statement and trace it to the physical objects, to verify the existence of the inventory, and select physical objects for checking with the inventory statement, to verify the integrity of the inventory;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 21pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:11.7pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">5.</font></font><font style="font-size:12pt;">After the inventory count is over, all the personnel involved in the inventory count shall sign on the inventory record for confirmation. The Finance Department shall track and deal with any problems or differences found in the inventory count.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 20pt;"><font style="font-size:12pt;">Information about the supervision carried out by the Sponsor and the Reporting Accountant is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">30</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.06%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Time</b></p></td><td style="vertical-align:middle;width:26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Inventory Amount</b></p></td><td style="vertical-align:middle;width:25.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Original Cost of Inventory</b></p></td><td style="vertical-align:middle;width:25.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Inventory Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.06%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">End of 2021</font></p></td><td style="vertical-align:middle;width:26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">28,073.61</font></p></td><td style="vertical-align:middle;width:25.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">40,103.45</font></p></td><td style="vertical-align:middle;width:25.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">70.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.06%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">End of June 2021</font></p></td><td style="vertical-align:middle;width:26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">28,471.64</font></p></td><td style="vertical-align:middle;width:25.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">34,743.66</font></p></td><td style="vertical-align:middle;width:25.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">81.95%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:22.06%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">End of 2020</font></p></td><td style="vertical-align:middle;width:26%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">24,325.62</font></p></td><td style="vertical-align:middle;width:25.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">29,919.80</font></p></td><td style="vertical-align:middle;width:25.95%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">81.30%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 1.7pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:28.35pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-size:12pt;font-weight:bold;">(II)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-size:12pt;font-weight:bold;">Verification procedures</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition to the foregoing, the Reporting Accountant has performed the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:39.8pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">1.</font></font><font style="font-size:12pt;">Understand the Issuer&#8217;s inventory depreciation policy, evaluate whether the inventory depreciation policy is reasonable based on the Issuer&#8217;s main product warranty policy, and check whether these accounting policies are consistently implemented during each accounting period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:39.8pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">2.</font></font><font style="font-size:12pt;">Pay attention to unsalable, obsolete or damaged goods in stock during the inventory supervision process, and specific to such goods in stock, conduct a comparison between the relevant inventory list and the inventory depreciation reserve calculation table prepared by the management;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:39.8pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">3.</font></font><font style="font-size:12pt;">Select samples and check the accuracy of the inventory age table prepared by the management; understand the reason for the long inventory age; select samples of finished products, and check the prices used in the net realizable value calculation table for inventories with the latest sales prices of the finished products; select samples of raw materials and semi-finished products, review the estimated selling prices of inventories calculated by the Issuer, less the estimated cost to be incurred at the time of completion, estimated selling expenses and the net realizable value less relevant taxes, and check the accuracy of the calculation conducted by the management.</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:28.35pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-size:12pt;font-weight:bold;">(III)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-size:12pt;font-weight:bold;">Verification opinion</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon verification, the Sponsor and the Reporting Accountant believe that: At the</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">31</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">end of each period of the reporting period, the Issuer&#8217;s inventories are true and accurate in all material respects and the provision for decline in value of inventories was adequately made.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q13. Accounts Receivable</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions: 1) Within the reporting period, the balance of accounts receivable of the Issuer showed an increasing trend as a whole, with the ending balance of RMB203,113,900; 2) At the end of the reporting period, the carrying amount of the Issuer&#8217;s bills receivable (including accounts receivable financing) was RMB71,647,200, and the balance of other receivables was RMB4,766,600.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) reasons for the rapid growth of bills receivable, accounts receivable and amount financed of accounts receivable within the reporting period, and credit policies for major customers and whether there is sales stimulation through more flexible credit policies; (2) major customers for bills receivable and amount financed of accounts receivable, endorsement, discount and derecognition and whether relevant accounting treatment complies with the Accounting Standard for Business Enterprises; (3) whether there are any bills receivable transferred to accounts receivable within the reporting period, if so, explain related facts and reasons, and whether the aging is continuously calculated; (4) the guarantee deposits and other specific items of other receivables match the amount of related items and therefore it is reasonable; (5) the payments and overdue payments of accounts receivable after due date at the end of each period of the reporting period, and whether no provision for bad debts for AXT and Customer B is in compliance and the provision for bad debts is sufficient in 2018, and differences compared with comparable companies in the same industry and relevant reasons.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to check the above</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">32</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">matters and give explicit comments.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanation from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Reasons for the rapid growth of bills receivable, accounts receivable and amount financed of accounts receivable within the reporting period, and credit policies for major customers and whether there is sales stimulation through more flexible credit policies;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Reasons for the rapid growth of bills receivable, accounts receivable and amount financed of accounts receivable within the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, bills receivable, accounts receivable and the balance of financing of accounts receivable are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Book balance of accounts receivable</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">22,195.99</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">15,376.06</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">13,113.26</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Book balance of bills receivable</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,489.15</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">2,201.73</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,834.52</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Book balance of financing of accounts receivable</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">6,188.39</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">2,985.42</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,522.26</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Total book balance of accounts receivable</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:11pt;">29,</font><font style="font-size:11pt;">873.53</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:11pt;">20,</font><font style="font-size:11pt;">563.21</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:11pt;">16,</font><font style="font-size:11pt;">470.04</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Revenue</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">85,734.52</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">58,317.04</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">46,222.68</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Proportion of book balance of accounts receivable to revenue</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:11pt;">34.</font><font style="font-size:11pt;">84</font><font style="font-size:11pt;">%</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:11pt;">35.</font><font style="font-size:11pt;">26</font><font style="font-size:11pt;">%</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:11pt;">35.</font><font style="font-size:11pt;">63</font><font style="font-size:11pt;">%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:52.07%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Turnover days of accounts receivable</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:11pt;">107.36</font></p></td><td style="vertical-align:middle;width:15.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:11pt;">115.89</font></p></td><td style="vertical-align:middle;width:15.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:11pt;">146.17</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Within the reporting period, the Issuer&#8217;s balance of accounts receivable increased year by year with the increase of its sales revenue, accounting for 35.63%, 35.26% and 34.83% of the revenue for the corresponding period respectively, representing a slight decline year by year. The turnover days of accounts receivable were 146.17days, 115.89 days and 107.36 days respectively, which are gradually shortened, showing that accounts receivable is well handled.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the increase of accounts receivable balance is mainly due to increase</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">33</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">of the Issuer&#8217;s operating income, and the ending balance of accounts receivable matches its sales scale and therefore it is reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Credit policies for major customers and whether there is sales stimulation through more flexible credit policies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the changes in credit policies of the Company for its major customers are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">S/N</b></p></td><td style="vertical-align:middle;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Names of major </b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">customers</b></p></td><td style="vertical-align:middle;width:62.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Credit policies</b></p></td><td style="vertical-align:middle;width:10.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Any changes within the reporting period?</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">AXT</font></p></td><td style="vertical-align:middle;width:62.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 4pt 2.15pt;"><font style="font-size:10.5pt;">Payment shall be made within 90 days after passing inspection of incoming merchandise.</font></p></td><td style="vertical-align:middle;width:10.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:4.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td rowspan="2" style="vertical-align:middle;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Osram</font></p></td><td style="vertical-align:middle;width:62.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 4pt 2.15pt;"><font style="font-size:10.5pt;">From 2019 to February 2021: Payment shall be made within 90 days after passing inspection of incoming merchandise, with the payment date falling on the 5</font><sup style="font-size:7.87pt;vertical-align:top;">th</sup><font style="font-size:10.5pt;"> day of each month.</font></p></td><td rowspan="2" style="vertical-align:middle;width:10.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:4.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:22.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:62.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 4pt 2.15pt;"><font style="font-size:10.5pt;">From March 2021: Payment shall be made within 105 days after passing inspection of incoming merchandise, with the payment date falling on the 5</font><sup style="font-size:7.87pt;vertical-align:top;">th</sup><font style="font-size:10.5pt;"> day of each month.</font></p></td><td style="display:none;vertical-align:middle;width:10.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:22.1pt;"><td rowspan="2" style="vertical-align:middle;width:4.01%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td rowspan="2" style="vertical-align:middle;width:22.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Landmark Optoelectronics</font></p></td><td style="vertical-align:middle;width:62.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 4pt 2.15pt;">From 2019 to 2020: Payment shall be made within 20 days after passing inspection of incoming merchandise, with the payment date falling on the 25<sup style="font-size:7.5pt;vertical-align:top;">th</sup> day of each month.</p></td><td rowspan="2" style="vertical-align:middle;width:10.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr><tr style="height:22.1pt;"><td style="display:none;vertical-align:middle;width:4.01%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:22.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:62.68%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 4pt 2.15pt;">2021: Payment will be made within 60 days after passing inspection of incoming merchandise, with the payment date falling on the 20<sup style="font-size:7.5pt;vertical-align:top;">th</sup> day of each</p></td><td style="display:none;vertical-align:middle;width:10.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">34</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.15%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:22.5%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:62.5%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.84%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:22.1pt;"><td style="vertical-align:middle;width:4.15%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:22.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:62.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 1.45pt 4pt 1.45pt;">month.</p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:22.1pt;"><td style="vertical-align:middle;width:4.15%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:22.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> Mo Sangyo Co, Ltd.</font></p></td><td style="vertical-align:middle;width:62.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 4pt 2.15pt;">Payment shall be made on a monthly basis, with 90 days credit</p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:22.1pt;"><td style="vertical-align:middle;width:4.15%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:22.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Kingsoon</font></p></td><td style="vertical-align:middle;width:62.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 4pt 2.15pt;">After receiving the incoming merchandise, the buyer shall pay to Party A within 30 days.</p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.15%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:22.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer B</font></p></td><td style="vertical-align:middle;width:62.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 4pt 2.15pt;"><font style="font-size:10.5pt;">After the incoming merchandise are accepted by the buyer, the seller shall issue an invoice to the buyer at the agreed tax rate. After receiving the invoice, Party A shall go through the financial reimbursement procedures and make payments by electronic draft according to relevant regulations of Party A&#8217;s fund management.</font></p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.15%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;width:22.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Epi Solution Technology Co., Ltd.</font></p></td><td style="vertical-align:middle;width:62.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 4pt 2.15pt;"><font style="font-size:10.5pt;">After receiving the incoming merchandise, the buyer shall pay to Party A within 30 days.</font></p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.15%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:22.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">LOUWERSHANIQUE</font></p></td><td style="vertical-align:middle;width:62.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 4pt 2.15pt;"><font style="font-size:10.5pt;">Payment shall be made within 30 days after passing inspection of incoming merchandise.</font></p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.15%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:22.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer A</font></p></td><td style="vertical-align:middle;width:62.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 4pt 2.15pt;"><font style="font-size:10.5pt;">Within 30 days after the &#8220;products&#8221; or &#8220;services&#8221; delivered by the seller passing the buyer&#39;s inspection, the buyer shall pay the invoice amount on the first &#8220;centralized payment date&#8221;. For each day of delay in payment from the first &#8220;centralized payment date&#8221;, the buyer shall pay liquidated damages at the rate of 0.04% of the payable amount, which shall not exceed the total amount owed.</font></p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.15%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:22.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">ALPHA PLUS</font></p></td><td style="vertical-align:middle;width:62.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 4pt 2.15pt;"><font style="font-size:10.5pt;">Payment will be made within 30 days after delivery and within 15 days after receipt of the incoming merchandise.</font></p></td><td style="vertical-align:middle;width:10.84%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">35</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the characteristics of the industry and combined with its own production and operation conditions, the Issuer has formulated a more prudent credit policy for different types of customers: for new customers, advance payment is adopted; for regular customers, the credit policies are developed by taking into full account the basic situation, business scale, cooperation time, amount of orders and contracts, financial status, payment and payment, etc. of the customer. The credit period is normally 1-3 months. In addition, the Issuer conducted business negotiations with customers to slightly adjust the credit policies taking into account the product production, technical requirements, and cooperation relationship with customers. During the reporting period, except for Osram and Landmark Optoelectronics, the Issuer&#8217;s credit policies for major customers remain unchanged.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After looking through AXT, Osram and Landmark Optoelectronics were among Issuer&#8217;s top five customers within the reporting period, and they have been working together for many years. Within the cooperation period, they have been maintaining good relations. As well-known enterprises in the industry, Osram and Landmark Optoelectronics have sound credit history, with timely payments since the very beginning of their cooperation. In March 2021, the Issuer exchanged business with AXT, aiming to enhance customer cooperation and give the customer certain buffer time in handling matters such as contract management and fund audit, so as to ensure that the business exchange could be completed as soon as possible. Besides, in order to maintain the Issuer&#8217;s sustained and sound development, it extended the credit period for the above two customers appropriately.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, within the reporting period, the credit policy of its sales business was relatively stable, and there was no loosening of credit policies or extending the credit period to stimulate sales.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Major customers for bills receivable and amount financed of accounts receivable, endorsement, discount and derecognition and whether relevant accounting treatment complies with the Accounting Standard for Business Enterprises;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">36</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Major customers for bills receivable and amount financed of accounts receivable</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, face values about the Company&#8217;s top five customers for bills receivable and receivables financing are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Year</b></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">S/N</b></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Names of customers</b></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Year-end face value</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">At the end of 2021</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Kingsoon</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,828.20</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer B</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,445.10</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">Epihouse Optoelectronics Co., Ltd.</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,001.02</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Argosun</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">532.62</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Jiangsu Bree Optronics Co., Ltd.</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">364.59</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:60.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">5,171.53</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">At the end of 2020</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer B</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,562.21</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Kingsoon</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,648.94</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Epi Solution Technology Co., Ltd.</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">495.10</font></p></td></tr><tr style="height:42.45pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Everbright Photonics</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">330.00</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Guangdong Vital Advanced Materials Co., Ltd.</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">210.95</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:60.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">4,247.20</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:16.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">At the end of 2019</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Kingsoon</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,326.35</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Customer B</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">938.50</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Epi Solution Technology Co., Ltd.</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">495.00</font></p></td></tr><tr style="height:2.1pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Everbright Photonics</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">286.40</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:51.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Guangdong Vital Advanced Materials Co., Ltd.</font></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">82.70</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:16.81%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:60.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:22.46%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">3,128.95</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the semiconductor sector, it is common to adopt bills for settlement. At the end of each period of the reporting period, its customers for bills receivable and accounts receivable financing mainly include leading manufacturers of extended industry chain</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">37</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">in China. In 2021, due to the tight supply of high-purity gallium and gallium oxide markets, its related income increased substantially, and Argosun Electronic New Materials Co., Ltd. and Jiangsu Bree Optronics Co., Ltd. were also among its top five customers of the bills receivable and accounts receivable financing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Financing endorsement, discount and derecognition of bills receivable and accounts receivable financing, and whether the relevant accounting treatments comply with the provisions of the accounting standards for business enterprises</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, no discount was found for bills receivable and accounts receivable financing on the part of the Issuer. At the end of each reporting period, the Issuer&#8217;s undue bills with endorsement had a balance of RMB40.0537 million, RMB70.7175 million and RMB100.1745 million, of which the bills derecognized accounted for 52.64%, 72.24% and 82.70%, respectively. The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100.6%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:28.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2021</b></p></td><td colspan="2" style="vertical-align:middle;width:26.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2020</b></p></td><td colspan="2" style="vertical-align:middle;width:27.78%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Amount derecognized by endorsement</font></p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 8,284.38 </font></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">82.70%</font></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">5,108.86 </font></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">72.24%</font></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">2,108.29 </font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">52.64%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Amount not derecognized by endorsement</font></p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> 1,733.07 </font></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">17.30%</font></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,962.88 </font></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">27.76%</font></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,897.08 </font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">47.36%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.05%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.33%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">10,017.45 </b></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">7,071.75 </b></p></td><td style="vertical-align:middle;width:14.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:11.98%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">4,005.37 </b></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the principle of prudence, the Issuer categorized the acceptance banks issuing the received bank acceptance bills as six major commercial banks with higher credit ratings and nine listed joint-stock commercial banks, other commercial banks and financial companies with average credit ratings. The above six major commercial banks include Bank of China, Agricultural Bank of China, China</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">38</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Construction Bank, Industrial and Commercial Bank of China, Postal Savings Bank of China and Bank of Communications, and the nine listed joint-stock commercial banks are China Merchants Bank, Shanghai Pudong Development Bank, China CITIC Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, Ping An Bank, Industrial Bank and Zheshang Bank. For acceptance bills from accepting banks with high credit ratings, the derecognition time is the endorsement transfer date, discount date or maturity date. While for acceptance bills from accepting banks with relatively low credit ratings and commercial acceptance bills accepted by enterprises, the derecognition time is the maturity date of the acceptance bills. Within the reporting period, the Issuer had no bill discount or bill default.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, within the reporting period, the derecognition of the endorsement of its bills receivable complies with relevant provisions of </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business Enterprises No. 23</i><i style="font-size:12pt;font-style:italic;"> &#8212; </i><i style="font-size:12pt;font-style:italic;">Transfer of Financial Assets</i><font style="font-size:12pt;">, </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business Enterprises No. 23</i><i style="font-size:12pt;font-style:italic;"> &#8212; </i><i style="font-size:12pt;font-style:italic;">Transfer of Financial Assets (Application Guide)</i><font style="font-size:12pt;">, Case Analysis of Listed Companies Implementing Accounting Standard for Business Enterprises (2020) and so forth.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Within the reporting period, whether there are any bills receivable transferred to accounts receivable, if so, explain related facts and reasons, and whether the aging is continuously calculated;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Within the reporting period, no bills received were due and cannot be accepted, and then transferred into accounts receivable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The guarantee deposits and other specific items of other receivables match the amount of related items and therefore it is reasonable;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The deposits and other specific items of other receivables are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.22%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2021</b></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2020</b></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">December 31, 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.22%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for construction</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">135.45</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">135.45</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">135.45</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.22%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for migrant workers&#8217; wage</font></p></td><td style="vertical-align:middle;width:21.61%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">69.63</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">69.63</font></p></td><td style="vertical-align:middle;width:21.57%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">23.63</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">39</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:35.21%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.62%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.58%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for utilities</font></p></td><td style="vertical-align:middle;width:21.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">19.20</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">19.20</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">19.20</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for rent</font></p></td><td style="vertical-align:middle;width:21.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">8.78</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">7.19</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">5.19</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for gas cylinders</font></p></td><td style="vertical-align:middle;width:21.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">8.66</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">7.00</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">7.00</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for investment and construction</font></p></td><td style="vertical-align:middle;width:21.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">150.00</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">150.00</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Withholding tax</font></p></td><td style="vertical-align:middle;width:21.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">105.31</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Deposits for credit cards</font></p></td><td style="vertical-align:middle;width:21.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">5.00</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">5.00</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Insurance reimbursement receivable</font></p></td><td style="vertical-align:middle;width:21.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">7.20</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Staff reserve fund</font></p></td><td style="vertical-align:middle;width:21.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">5.45</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">12.48</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">12.10</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Others</font></p></td><td style="vertical-align:middle;width:21.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">5.22</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">8.79</font></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">7.58</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.21%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:21.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">259.59</b></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">520.06</b></p></td><td style="vertical-align:middle;width:21.58%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">365.15</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The deposits and other balances of other receivables of the Issuer mainly include:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Tianjin Boyu, a subsidiary of the Issuer, and Tianjin Jingjin Zhongguancun Technology City Development Co., Ltd. signed an industrial land investment agreement for PBN project with a performance bond of RMB1,354,500. However, the actual operation of Tianjin Boyu in 2020 showed that it may fail to meet the required investment and tax target of RMB65,000,000, with full bad-debt provisions having been made for the remaining unpaid deposit of RMB1,354,500 at the end of 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Chaoyang Tongmei and Chaoyang Jinmei, subsidiaries of the Issuer, hired local migrant workers for factory construction. According to the Notice on Establishing the Guarantee System for Migrant Workers&#8217; Wages in Civil Construction, they paid wage guarantee for migrant workers of RMB236,300 and RMB460,000 to Human Resources and Social Security Bureau of Kazuo County in 2018 and 2020, respectively, and the above-mentioned payments have been recovered as of the date of this reply.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Tianjin Boyu, a subsidiary of the Issuer, paid a deposit of RMB192,000 for utilities according to relevant standards of State Grid Tianjin Power Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. In order to invest and build a factory in Chaoyang Kazuo Economic</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">40</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Development Zone, the Issuer paid an investment and construction deposit of RMB1,500,000 to the Management Committee of Chaoyang Kazuo Economic Development Zone, which was recovered in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. The withholding tax of RMB1,053,100 represents the individual income tax withheld and remitted by Beijing Boyu after Ulrich Goetz transferred its 4% equity in Beijing Boyu to AXT at the end of 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">6. Others mainly include deposits for rent, deposits for gas cylinders, insurance reimbursement receivables and staff reserve funds, etc..</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the guarantee deposits and other items of other receivables all incurred due to business-related events, with matching and rationality between relevant events and amounts.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(V) The payments and overdue payments of accounts receivable after due date at the end of each period of the reporting period, and whether no provision for bad debts for AXT and Customer B is in compliance and the provision for bad debts is sufficient in 2018, and differences compared with comparable companies in the same industry and relevant reasons.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The payments and overdue payments of accounts receivable after due date at the end of each period of the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of March 7, 2022, the payments of accounts receivable after due date at the end of each period of the reporting period are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:38.08%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:22.89%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.51%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.5%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.08%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">At the end of 2021</b></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">At the end of 2020</b></p></td><td style="vertical-align:middle;width:19.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">At the end of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.08%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Balance of accounts receivable</font></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">22,195.99</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">15,376.06</font></p></td><td style="vertical-align:middle;width:19.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">13,113.26</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.08%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Payment amount after due date</font></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">9,532.86</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">15,128.70 </font></p></td><td style="vertical-align:middle;width:19.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">13,034.47</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.08%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 1.45pt;"><font style="font-size:10.5pt;">Payment proportion after due date</font></p></td><td style="vertical-align:middle;width:22.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">42.95%</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">98.39%</font></p></td><td style="vertical-align:middle;width:19.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">99.40%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of March 7, 2022, the proportions of payments of the accounts receivable after due date at the end of each period of the reporting period were 99.40%, 98.39% and 42.95% respectively. The payments were made in a timely manner.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">41</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each reporting period, the overdue accounts receivable of the Company are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:20pt;margin:0pt 0pt 0pt 20pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:100%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:21.46%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of 2021</b></p></td><td colspan="2" style="vertical-align:middle;width:26.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of 2020</b></p></td><td colspan="2" style="vertical-align:middle;width:26.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:21.46%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A</font><b style="font-size:10.5pt;font-weight:bold;">mount</b></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A</font><b style="font-size:10.5pt;font-weight:bold;">mount</b></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A</font><b style="font-size:10.5pt;font-weight:bold;">mount</b></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.46%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;"><font style="font-size:10.5pt;">Within the credit period</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">10,540.84</font></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">47.49%</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">8,740.82</font></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">56.85%</font></p></td><td style="vertical-align:middle;width:13.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">6,055.79</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">46.18%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.46%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;"><font style="font-size:10.5pt;">Delay for not more than 3 months</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">7,107.86</font></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">32.02%</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">4,655.62</font></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">30.28%</font></p></td><td style="vertical-align:middle;width:13.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">3,178.51</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">24.24%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.46%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;"><font style="font-size:10.5pt;">Delay for more than 3 months</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">4,547.29</font></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">20.49%</font></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,979.61</font></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">12.87%</font></p></td><td style="vertical-align:middle;width:13.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">3,878.96</font></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">29.58%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.46%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 2.15pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">22,195.99</b></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:13.43%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">15,376.06</b></p></td><td style="vertical-align:middle;width:12.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:13.29%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">13,113.26</b></p></td><td style="vertical-align:middle;width:12.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;">From</font><font style="font-size:12pt;"> the overall structure of accounts receivable, it can be seen that at the end of each reporting period, the proportion of accounts receivable within the credit period remained relatively stable, basically at about 50%; the proportion of accounts receivable delayed for more than 3 months decreased as a whole, showing an overall improvement of the delay situation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether no provision for bad debts for AXT and Customer B is in compliance and the provision for bad debts is sufficient in 2018, and differences compared with comparable companies in the same industry and relevant reasons</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Whether no provision for bad debts for AXT and Customer B is in compliance and the provision for bad debts is sufficient in 2018</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On December 31, 2018, the Issuer still applied the </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business Enterprises No. 22 </i><i style="font-size:12pt;font-style:italic;">&#8212; </i><i style="font-size:12pt;font-style:italic;">Recognition and Measurement of Financial Instruments </i><font style="font-size:12pt;">(Cai Kuai [2006] No. 3) (hereinafter referred to as the &#8220;Former Standards for Financial Instruments&#8221;). According to Article 40 of the above standards, enterprises shall check the carrying amount of financial assets other than those measured at fair value and its balance is included in current profits and losses on the balance sheet date, and if there is any evidence showing that the financial assets are impaired, provision for impairment shall be done.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">After comprehensively and cautiously evaluating the customer&#8217;s market position,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">42</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">shareholder&#8217;s background, credit status, business cooperation history, payment situation, business environment and other factors, the Issuer believed that AXT and Customer B had no signs of impairment, and no provision for bad debts should be made. The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) AXT is a NASDAQ listed company with sound credit. As both the customer and supplier of the Issuer, it has been a partner for many years. As of December 31, 2018, the amount payable to AXT by the Issuer is far greater than the amount of receivables from AXT, and both parties have communicated about the payment plan for such gap, which will be fully recovered after due date.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Customer B, a partner of the Company for over 20 years, boasts a favorable business performance, with a sales scale of RMB100 billion, a registered capital of RMB20 billion and a high credit rating, awarded a credit rating of AAA by China Lianhe Credit Rating Co., Ltd., all receivables from whom as of December 31 have been fully recovered after the due date.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">From January 1, 2019, the Issuer started to apply the Accounting Standard for Business Enterprises No. 22</font><font style="font-size:12pt;"> &#8212; </font><font style="font-size:12pt;">Recognition and Measurement of Financial Instruments (Cai Kuai [2017] No. 7) (hereinafter referred to as the &#8220;New Standards of Financial Instruments&#8221;). Taking into consideration the expected credit risk, for receivables, the Issuer first separates the receivables with significant amounts for impairment tests. The accounts receivable that has not been impaired after tests (including accounts receivable with significant and insignificant amounts), is included in the accounts receivable portfolio with similar credit risk characteristics for further impairment tests. According to the Certain Questions and Answers on IPO Business issued by China Securities Regulatory Commission, it is necessary to consider the expected credit risk instead of excluding the provision for bad debts on the grounds that the defaulting party is a related party customer, a high-quality customer or a customer regarding government projects. The Issuer categorizes the customers with accounts receivable as low-risk, medium-risk and high-risk customers, and therefore classifies it as a low-risk customer based on the above analysis of various dimensions of AXT and Customer B. Customers with a history of disputes or potential disputes or signs of bankruptcy are classified as high-</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">43</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">risk customers, while other customers are classified as medium-risk customers. Depending on different risk categories, the expected default rate was taken into account, and the expected credit loss is accrued. As a result, the amounts due from AXT and Customer B have been accrued for expected credit losses accordingly since January 1, 2019.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, no provision for bad debts for AXT and Customer B at the end of 2018 was in line with the Former Standards for Financial Instruments. The receivables from AXT and Customer B have been recovered at the end of 2018. Since January 1, 2019, the Issuer has accrued impairment for the above customers according to the new standards for financial instruments, with sufficient provision for bad debts.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Differences compared with comparable companies in the same industry</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the proportions of provision for bad debts of the Issuer and comparable companies in the same industry based on the combination of credit risk characteristics in the expected credit loss model are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:24.78%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25.65%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25.65%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:23.89%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.78%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Comparable companies in the same industry</b></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">At the end of 2021</b></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">At the end of 2020</b></p></td><td style="vertical-align:middle;width:23.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">At the end of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.78%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;"><font style="font-size:10.5pt;">SICC</font></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">5.00%</font></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">5.00%</font></p></td><td style="vertical-align:middle;width:23.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">5.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.78%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;"><font style="font-size:10.5pt;">NSIG</font></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">Undisclosed</font></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">0.73%</font></p></td><td style="vertical-align:middle;width:23.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1.17%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.78%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.9pt;"><font style="font-size:10.5pt;">Issuer</font></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">0.65%</font></p></td><td style="vertical-align:middle;width:25.65%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">0.43%</font></p></td><td style="vertical-align:middle;width:23.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">0.72%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:20pt;margin:0pt 0pt 12pt 0pt;">Note: The data on SICC and NSIG are sourced from their annual reports and prospectuses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Issuer&#8217;s overall expected credit loss rate is consistent with the historical bad debt loss rate, and meanwhile it is close to that of NSIG and lower than that of SICC. The Issuer is more related to NSIG in terms of customer base and concentration. After excluding AXT, the Issuer&#8217;s revenue from the top five customers of NSIG accounts for less than 30% of the total, with a certain proportion of overseas customers. However, the Issuer&#8217;s revenue from the top five customers of SICC accounts for more than 80% of the total, mainly including Chinese customers, with some jeweler customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">44</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the above standard, the Issuer categorizes its customers as low-risk customers, medium-risk customers and high-risk customers. Appraisers adopt the credit rating to calculate ECL for low-risk customers, and the default rate of AAA bond rating of Brilliance Ratings as the historical default rate. The migration rate model is used to calculate ECL for medium-risk customers. The migration rate model is constructed according to the average migration of accounts receivable in the past three fiscal years so as to get the historical default rate. Then, calculate the expected default rate = historical default rate </font><font style="color:#111111;font-size:13.5pt;">&#215;</font><font style="font-size:12pt;"> prospective adjustments </font><font style="color:#111111;font-size:13.5pt;">&#215;</font><font style="font-size:12pt;"> discount coefficient.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the Issuer has conducted provision for bad debts for accounts receivable according to its own actual condition. Its overall expected credit loss rate is close to that of NSIG and lower than that of SICC, which is mainly due to different customer structure, end-user market environment, customer distribution and so forth, and therefore it is reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. Intermediaries&#8217; verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In response to the above matters, the Sponsor and the Reporting Accountant have performed the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Taking into account the revenue, analyze the reasons and rationality of the rapid growth of accounts receivable balance, bills receivable and the amount financed of accounts receivable at the end of each period of the reporting period. Acquire the sales contracts signed by the Issuer and major customers, check the credit policies agreed in the contracts, and analyze whether there are any changes in the credit policies for major customers within the reporting period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Refer to the Law of the People&#8217;s Republic of China on Negotiable Instruments, Accounting Standard for Business Enterprises No. 23</font><font style="font-size:12pt;"> &#8212; </font><font style="font-size:12pt;">Transfer of Financial Assets, Accounting Standard for Business Enterprises No. 23</font><font style="font-size:12pt;"> &#8212; </font><font style="font-size:12pt;">Transfer of Financial Assets (Application Guide), Case Analysis of Listed Companies Implementing Accounting Standard for Business Enterprises (2020) and other documents, and check whether the bills receivable that have been derecognized at the end of each period of the reporting</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">45</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">period meet the derecognition requirements of Accounting Standard for Business Enterprises</font><font style="font-size:12pt;">&#65307;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Obtain the details of the memorandum book of bills receivable within the reporting period, check the information such as the drawer, the previous signer, and the term and type of the bill, count the bills receivable received and endorsed within the reporting period and the major customers of the previous signer, and check the endorsement records and accounting treatment;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. Conduct sampling inspection of large-amount guarantee deposits and other items in other receivables, check the reasons for their formation, check relevant guarantee contracts, deposit payment vouchers and other related documents, and recheck the rationality of the amount;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. Obtain the aging schedule of the Issuer&#8217;s accounts receivable within the reporting period and the schedule of payment after due date, and analyze the risk of recovering accounts receivable and whether the provision for bad debts is sufficient. Acquire the details of the Issuer&#8217;s single provision for bad debts within the reporting period, and analyze the reasons and rationality. Check the policy of provision for bad debts of accounts receivable of comparable companies in the same industry, and compare and analyze whether there is significant difference between the policy of provision for bad debts of accounts receivable of the Issuer and that of comparable companies in the same industry;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">6. Refer to the Accounting Standard for Business Enterprises No. 22</font><font style="font-size:12pt;"> &#8212; </font><font style="font-size:12pt;">Recognition and Measurement of Financial Instruments (Cai Kuai [2006] No. 3) and the Accounting Standard for Business Enterprises No. 22</font><font style="font-size:12pt;"> &#8212; </font><font style="font-size:12pt;">Recognition and Measurement of Financial Instruments (Cai Kuai [2017] No. 7);</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">7. Interview the Issuer&#8217;s finance chief, understand and evaluate the design effectiveness of its internal control on the recognition of accounts receivable, and test the operational effectiveness of key controls;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">8. Confirm the balance of accounts receivable of the Issuer at the end of each period of the reporting period by letter; spot check related sales contracts, invoices, payment receipts and other supporting documents for inspection;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">46</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">9. Review the rationality of the Issuer&#8217;s expected credit loss model with the support of the internal valuation experts of the Reporting Accountant, make recalculation based on the model and compare with the results of the Issuer;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">10. Interview the Issuer&#8217;s major customers within the reporting period, obtain the credit reports of major overseas customers, basic information of Chinese customers and relevant public information through public channels, confirm the transactions between both parties, and pay attention to and analyze the customer&#8217;s industry status, credit status, business status, etc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon verification, the Reporting Accountant believes that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. The increase of accounts receivable balance is mainly due to the increase of revenue. The ending balance of accounts receivable matches the Issuer&#8217;s sales scale and therefore it is reasonable. Based on the business exchange between AXT and the Issuer, by working more closely with the customer, the Issuer gave the customer certain buffer time in handling matters such as contract management and fund audit, so as to complete the business exchange as soon as possible. On the other hand, in order to maintain the sustained and sound business growth between the Issuer and its customer, the Issuer appropriately extended the credit period for Osram and Landmark Optoelectronics. Within the reporting period, the Issuer&#8217;s credit policy for major customers remained unchanged, and the Issuer did not loosen its credit policy to stimulate sales;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Within the reporting period, the customer has no financing discount of bills receivable and accounts receivable. Relevant accounting treatments such as endorsement and derecognition of bills receivable and financing of accounts receivable comply with the provisions of Accounting Standard for Business Enterprises;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. During the reporting period, the Company was not subject to conversion of bills receivable into accounts receivable due to any dishonoring of the former at maturity;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. The guarantee deposits and other amounts of other receivables match related items and therefore it is reasonable;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. The Issuer&#8217;s bad-debt provision policy is in line with its own business</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">47</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">characteristics and the historical receipts from customers. During the reporting period, accounts receivable were collected in a timely manner with sufficient bad-debt provisions having been made.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q14. Non-current assets</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">14.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">At the end of each period of the reporting period, the carrying amount of the construction in progress of the Issuer was RMB203,530,400, RMB332,609,300, RMB122,638,000 and RMB158,570,900.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: the composition of the construction in progress, intended purposes, construction period, schedule and estimated time required to transfer to fixed assets.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to explain the procedures, basis and conclusion of the verification performed on the construction in progress and the relevant payments.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanation from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The composition of the construction in progress, budget, ending book value, intended purposes, construction period, schedule and estimated time required to transfer to fixed assets on the part of the Company are outlined as below:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:16.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.16%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:7.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:7.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.41%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Project</b></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Intended purpose</b></p></td><td style="vertical-align:middle;width:9.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Budget</b></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of </b><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of </b><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">End of </b><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Construction period</b></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Time required to transfer to fixed assets</b></p></td><td style="vertical-align:middle;width:12.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Construction progress by the end of 2021</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">48</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:16.42%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:normal;width:19.16%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.36%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:normal;width:7.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:normal;width:7.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.38%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">GaAs crystal synthesis and growth and wafer processing expansion project</font></p></td><td style="vertical-align:middle;white-space:normal;width:19.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;">Expansion of 2~6-inch GaAs crystal and  substrate production workshop and supporting facilities</font></p></td><td style="vertical-align:middle;width:9.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">4,692.54</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">232.17</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">655.07</p></td><td style="vertical-align:middle;white-space:normal;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">36 months</p></td><td style="vertical-align:middle;white-space:normal;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2021.3</p></td><td style="vertical-align:middle;width:12.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Completed</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP crystal growth and wafer processing and production expansion project</font></p></td><td style="vertical-align:middle;white-space:normal;width:19.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Expansion of 2~4-inch InP crystal and substrate production workshop and supporting facilities</font></p></td><td style="vertical-align:middle;width:9.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">6,968.14</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">781.85</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1,828.96</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">882.95</p></td><td style="vertical-align:middle;white-space:normal;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">51 months</p></td><td style="vertical-align:middle;white-space:normal;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2022.12</p></td><td style="vertical-align:middle;width:12.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">78.77%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Single crystal wafer and related semiconductor material production project</font></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Expansion of 2~4-inch GaAs substrate production workshop and supporting facilities</font></p></td><td style="vertical-align:middle;width:9.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">24,232.45</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">996.97</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1,126.61</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">15,166.41</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">48 months</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2022.5</p></td><td style="vertical-align:middle;width:12.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">72.41%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">PBN product project II</font></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;">Production workshop and supporting facilities of Tianjin Boyu  for PBN crucible and other materials</font></p></td><td style="vertical-align:middle;width:9.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">7,233.00</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">909.11</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">695.50</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1,101.43</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">48 months</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2022.6</p></td><td style="vertical-align:middle;width:12.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">66.85%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">GaAs crystal semiconductor material production project</font></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Expansion of 2~6-inch GaAs crystal and substrate production workshop and supporting facilities</font></p></td><td style="vertical-align:middle;width:9.36%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">19,263.18</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">5,023.19</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">2,708.21</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">9,548.78</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">48 months</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2022.6</p></td><td style="vertical-align:middle;width:12.38%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">80.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">49</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:16.42%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.16%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.36%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:7.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:7.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.38%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">InP single crystal wafer production project</font></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2~4-inch InP substrate production workshop and supporting facilities</font></p></td><td style="vertical-align:middle;width:9.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">3,475.71</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">2,264.51</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1,616.98</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1,340.67</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">60 months</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2022.12</p></td><td style="vertical-align:middle;width:12.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">86.11%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">High-purity semiconductor preliminary material production project</font></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;">Production workshop and supporting facilities for high-purity gallium and other materials  </font></p></td><td style="vertical-align:middle;width:9.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">7,692.70</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">3,018.03</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">2,565.94</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">138.80</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">36 months</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2022.5</p></td><td style="vertical-align:middle;width:12.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">92.79%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">High-purity arsenic project</font><font style="font-size:10.5pt;"><br></font><font style="color:#0000ff;font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;">High-purity arsenic   production workshop, supporting facilities and administrative building</font></p></td><td style="vertical-align:middle;width:9.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">9,242.83</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">5,428.89</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">15 months</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">2022.10</p></td><td style="vertical-align:middle;width:12.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">58.74%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Other</font></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">3,460.66</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1,489.42</p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">4,426.82</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.42%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:19.16%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:9.36%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">21,883.21</b></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">12,263.79</b></p></td><td style="vertical-align:middle;width:9.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">33,260.93</b></p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:7.75%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.38%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">-</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The Sponsor and the Reporting Accountant are required to explain the procedures, basis and conclusion of the verification performed on the construction in progress and the relevant payments.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 25pt;"><b style="font-size:11pt;font-weight:bold;">(I) </b><b style="font-size:12pt;font-weight:bold;">Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In response to the above matters, the Sponsor and the Reporting Accountant have performed the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Review the detailed account of the construction in progress and the list of the construction in progress transferred to fixed assets, examine the original vouchers and payment bills of relevant equipment and projects randomly, and match them with equipment procurement contracts, construction contracts, invoices and other materials;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Review the budget documents of construction in progress, accounting policy applicable for construction in progress, project contracts, invoices and relevant</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">50</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">documents, and examine the delivery, handover and completion of construction in progress etc.;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Pay a site visit and make a survey at the site of the construction in progress, and pay attention to the completion of construction in progress as well as any damage or idleness; examine whether the completed construction in progress has not been transferred to fixed assets;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. Inquire and interview some of the suppliers, review the bank statement of the controlling shareholders, directors, supervisors, senior management, sale and procurement manager, staff playing a leading role in the finance, sale and procurement management to identify associated relationship and any payment made to or received from suppliers;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. Obtain all bank statements of the Issuer for the reporting period; review the inflow and outflow with a large amount in the bank statement of the Issuer and verify the business background for such large-amount inflow and outflow to make sure it matches the expenditures of the construction in progress of the Issuer; pay attention to the transaction records between the Issuer and its affiliates and inquire the Issuer about the business background of such transaction and verify whether its affiliates make payment to the suppliers on behalf of the Issuer or not.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 25pt;"><b style="font-size:11pt;font-weight:bold;">(II) </b><b style="font-size:12pt;font-weight:bold;">Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon verification, the Reporting Accountant believes that the accounting of the construction in progress during the reporting period by the Company is complete, authentic and accurate and the payments made during this period are authentic and accurate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q15. R&amp;D Expenses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the Prospectus, at the end of each year during the reporting period, the Issuer&#8217;s R&amp;D expenses amounted to RMB27,075,400, RMB26,826,400, RMB45,108,200 and RMB38,496,400, respectively, among which the amount of</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">51</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">raw materials and finished goods consumed was RMB11,375,800, RMB12,136,000, RMB17,732,200 and RMB12,318,100 respectively.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the internal control system of R&amp;D expenses, and the rationality and accuracy of the allocation among R&amp;D expenses, operating costs and other period expenses; (2) the basis for assignment and management system of R&amp;D staff during the reporting period; (3) the specific accounting items for raw materials and finished products consumed, the final destination of the results or related materials and finished products developed, and the accounting treatment method therefor; (4) the analysis of the reasons for the differences between the R&amp;D expenses and the super deduction therefor under tax declaration.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to make verification and give express comments.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanation from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:31.9pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Internal control system of R&amp;D expenses, and rationality and accuracy of the allocation among R&amp;D expenses, operating costs and other period expenses;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Internal control system of R&amp;D expenses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Measures for the Administration of R&amp;D Projects, the Financial Management System &#8211; R&amp;D Expense Accounting System and other R&amp;D-related internal control regulations were formulated and implemented by the Company with a view to enhancing and refining the management of R&amp;D processes and R&amp;D expenses. The Company has set out the scope of accounting for R&amp;D expenses and regulated R&amp;D activities including project approval, project progress follow-up and project acceptance in accordance with applicable provisions of the Accounting Standard for Business Enterprises and the Guidelines for the Administration of the Recognition of High- and New-Technology Enterprises.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Finance Department of the Company has managed to ensure timely, accurate</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">52</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">and complete recognition of various R&amp;D expenses by establishing a separate accounting system for R&amp;D expenses, setting up accounting items corresponding to R&amp;D activities to account for the R&amp;D expenses actually incurred, and establishing a ledger to recognize the expenses under R&amp;D projects.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Company carried out R&amp;D activities by relying on its relatively comprehensive internal controls for the accounting of various R&amp;D expenses, and sound implementation thereof, in strict accordance with its internal control system regarding R&amp;D.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Rationality and accuracy of the allocation among R&amp;D expenses, operating costs and other period expenses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Company set out the scope of accounting for R&amp;D expenses in accordance with applicable provisions of the Accounting Standard for Business Enterprises and the Financial Management System &#8211; R&amp;D Expense Accounting System, among others. Such R&amp;D expenses mainly consist of employee compensation, raw materials and finished goods consumed, depreciation and amortization, utility bills, share-based payments and other expenses directly related to R&amp;D activities. The specific scope of accounting is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:31.8pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Employee compensation: such labor costs as the salaries, bonuses, social insurance premiums and housing provident fund of the Company&#8217;s R&amp;D staff; the compensation of R&amp;D staff was classified as per R&amp;D projects;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:31.8pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Raw materials and finished goods consumed: the cost of raw materials and finished goods directly invested in R&amp;D activities due to R&amp;D demand;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:31.8pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Depreciation and amortization: The R&amp;D Department was provided with separate office space, and the depreciation of housings and buildings was apportioned based on the area of the office space; the depreciation of R&amp;D equipment related to R&amp;D activities was also included in R&amp;D expenses;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:31.8pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Utility bills: the cost of water and electricity used for R&amp;D activities;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:31.8pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(5) Share-based payment: the amount of share-based payment corresponding to</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">53</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">the participation of R&amp;D staff in employee stock ownership platform, employee option incentive plan and controlling shareholder&#8217;s equity incentive plan.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In addition to the above-mentioned expenses, such costs of demonstration, evaluation, acceptance and assessment of R&amp;D results as well as the application fees, registration fees and agency fees for intellectual property rights and other expenses directly related to R&amp;D activities, such as travel expenses and office expenses incurred by R&amp;D staff for R&amp;D activities, are also covered in the calculation of R&amp;D expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">When the above-mentioned expenses were actually incurred, the Finance Department would determine whether to include the expenses so actually incurred in R&amp;D expenses based on the scope and criteria of R&amp;D expenses, and then credit the same into R&amp;D expenses after checking against supporting documents corresponding to the amount of such R&amp;D expenses. Those expenses that may be directly attributed to R&amp;D projects or a certain department would be directly recognized as an expense; those indirect expenses or those expenses that may not be directly attributed to a certain project would be apportioned according to the working hours and workload of the corresponding R&amp;D staff.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In conclusion, the Issuer&#8217;s R&amp;D expenses were clearly accounted for and there was no unreasonable or inaccurate allocation among R&amp;D expenses, operating costs and other period expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:31.9pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Basis for assignment and management system of R&amp;D staff during the reporting period;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Measures for the Administration of R&amp;D Projects and the Regulations on the Management of R&amp;D Staff have been formulated for the purpose of achieving effective management of R&amp;D staff, which cover, among other things, the rights and obligations of R&amp;D staff, the management of R&amp;D tasks of R&amp;D staff, the management of R&amp;D results of R&amp;D staff and the confidentiality obligations of R&amp;D staff.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">A dedicated R&amp;D Department was set up by the Company, and the R&amp;D staff were mainly responsible for the following (including without limitation): 1. the development of new technologies and new products to meet the market and customer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">54</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">demand for new products or new specifications; 2. continuous improvement and optimization of the existing process to improve the stability of the product processing process and production efficiency, reduce the costs and improve the production environment , etc.; 3. processing operation and process confirmation of R&amp;D products, quality data collection and processing of R&amp;D product processing process, and maintenance of R&amp;D product processing equipment; 4. the provision of back-end technical support for downstream customers. At the time of applying for the approval of a R&amp;D project, the participants of the R&amp;D project and the expected duration of the R&amp;D project would be specifically indicated, and such participants would directly be involved in the R&amp;D activities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The R&amp;D staff of the Company were assigned on a reasonable basis, and properly classified for the accounting purpose. The R&amp;D staff can be assigned accurately among various R&amp;D projects, and there was no false increase or improper classification of R&amp;D staff within the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:31.9pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Specific accounting items for raw materials and finished products consumed, final destination of the results or related materials and finished products developed, and accounting treatment method therefor;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The amounts of raw materials and finished goods consumed by the Company for R&amp;D activities during the reporting period were as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:38.87%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 2.15pt 0pt 0pt;"><font style="font-size:1pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.37%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.37%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.36%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.87%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:20.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.87%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.15pt;"><font style="font-size:10.5pt;">Raw materials and finished goods consumed</font></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">2,894.58</font></p></td><td style="vertical-align:middle;width:20.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,773.22</font></p></td><td style="vertical-align:middle;width:20.36%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">1,213.60</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The raw materials consumed under the Company&#8217;s R&amp;D expenses mainly referred to raw materials for R&amp;D activities, including, among others, high-purity arsenic, high-purity gallium, InP polycrystal, boron trichloride and quartz materials, as well as chemical reagents, liquid nitrogen, materials for grinding, slicing and polishing and crucibles for long crystals. The specific accounting item of finished goods requisitioned during R&amp;D process was mainly the PBN crucibles received by Beijing Boyu, a</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">55</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">subsidiary of the Company, for R&amp;D activities. The raw materials and finished goods consumed by the Company for R&amp;D projects mainly aimed at upgrading and improving the Company&#8217;s existing production processes, or developing new products and technologies, etc..</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The R&amp;D samples sent to customers for free during the R&amp;D process are mainly samples of trial production in the R&amp;D process. The purpose of the free samples is to allow end-user customers to give feedback on the company by using the R&amp;D samples, which can help the company better achieve its R&amp;D goals. Since such R&amp;D samples do not meet the conditions for external sales and are trial production samples only, their purpose is to obtain production performance parameters of the samples, so that continuous optimization and improvement may be carried out subsequently. Therefore, the Company does not carry over such cost from the R&amp;D expenses, which, instead, is accrued to the R&amp;D expenses as incurred.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The raw materials for R&amp;D activities and the finished products mainly ended up being consumed during R&amp;D activities, and then released to customers free of charge or sold in the form of R&amp;D samples, or taken as wastes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The value of the R&amp;D samples formed during the R&amp;D process that can be sold to the public was accounted for based on the costs incurred during the R&amp;D period and carried forward to the inventory for accounting; when the samples were sold to the public, the corresponding cost was carried forward and the corresponding selling revenue was recorded.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the amount of the external sales revenues and carry-over cost of the R&amp;D samples is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">Unit: RMB0&#8217;000</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.87%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:20.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:20.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.87%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.15pt;"><font style="font-size:10.5pt;">Sales revenues from R&amp;D samples</font></p></td><td style="vertical-align:middle;width:20.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">161.78</font></p></td><td style="vertical-align:middle;width:20.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">27.60</font></p></td><td style="vertical-align:middle;width:20.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">4.73</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.87%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 2.15pt;"><font style="font-size:10.5pt;">Carry-over cost for the sales of R&amp;D samples</font></p></td><td style="vertical-align:middle;width:20.38%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">79.07</font></p></td><td style="vertical-align:middle;width:20.38%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">45.27</font></p></td><td style="vertical-align:middle;width:20.36%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 2.9pt 0pt 0pt;"><font style="font-size:10.5pt;">4.56</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:31.9pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) Analysis of the reasons for the differences between the R&amp;D expenses and the super deduction therefor under tax declaration;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">56</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the amount of R&amp;D expenses presented in the Company&#8217;s reporting statements referred to the various expenses incurred during R&amp;D process that were calculated and recognized as per R&amp;D projects based on the Company&#8217;s judgment over actual situation of R&amp;D projects and in accordance with the Accounting Standard for Business Enterprises and the Certain Opinions of the Ministry of Finance on Strengthening the Financial Management of R&amp;D Expenses by Enterprises (Cai Qi [2007] No. 194).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The R&amp;D expenses qualifying for super deduction under tax declaration were prepared in accordance with the Circular on Improving the Policy on Pre-tax Super Deduction of Research and Development Expenses (Cai Shui [2015] No. 119), the Announcement on Issues Relating to the Policy on the Pre-tax Super Deduction of the Research and Development Expenses of Enterprises (STA Announcement [2015] No. 97), the Announcement on Issues Relating to the Scope of Pre-tax Super Deduction of Research and Development Expenses (Announcement [2017] No. 40), the Announcement of the Ministry of Finance, the State Taxation Administration and the Ministry of Science and Technology on Increasing the Ratio of Pre-tax Super Deduction of Research and Development Expenses (Cai Shui [2018] No. 99) and other norms.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">There were some differences between R&amp;D expenses and super deductions thereof due to inconsistent calibers, which were attributed to accounting and taxation nature respectively. The amounts of differences between R&amp;D expenses and super deductions thereof under tax declaration of the Company for 2019 and 2020 were shown as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">R&amp;D expenses presented in the reporting financial statements </font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,510.82</font></p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,682.64</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">R&amp;D expenses for super deductions</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4,154.98</font></p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,413.14</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total difference</b></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">355.84</b></p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">269.50</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">1. Super deductions not declared by certain subsidiaries</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">169.15</font></p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">162.72</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">2. Effect of offsetting related party transactions in consolidated statements</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">71.67</font></p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">16.21</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.98%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">3. Share-based payment without super deductions</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">38.33</font></p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">31.09</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">57</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">4. Building depreciation</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">18.66</font></p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12.70</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:60.98%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">5. Others</font></p></td><td style="vertical-align:middle;width:19.51%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">58.03</font></p></td><td style="vertical-align:middle;width:19.49%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">46.78</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Super deductions not declared by certain subsidiaries</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2019 and 2020, due to negative pre-tax profit or loss to offset on the part of some subsidiaries, the Company did not declare super deductions for their R&amp;D expenses in the corresponding years for the sake of prudence.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Effect of offsetting related transactions in the consolidated financial statements</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company maintained upstream and downstream synergistic production relationship with its subsidiaries, and purchased or sold some raw materials internally, certain of which were applied to R&amp;D activities. Such related transactions were offset by the Company at the time of preparing the consolidated statements. R&amp;D expenses reflected in the consolidated statements were measured at the ultimate purchasing cost of relevant raw materials, while the single company included the actual purchasing price under internal transactions into R&amp;D expenses and applied for super deductions thereof, resulting in the differences between the R&amp;D expenses and the super deduction therefor under tax declaration.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Share-based payment without super deductions</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">No super deduction was declared by the Company for the amount of share-based payment corresponding to the participation of R&amp;D staff in employee stock ownership platform, employee option incentive plan and controlling shareholder&#39;s equity incentive plan.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. Building depreciation adjustment</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In accordance with Item (1) of Article 1 of Cai Shui [2015] No. 119, the R&amp;D expenses allowed for super deductions shall include depreciation expenses of instrument and equipment used for R&amp;D activities. During the reporting period, the adjustment amounts of building depreciation for 2019 and 2020 were RMB127,000 and RMB186,600 respectively after excluding the depreciation expenses of housings, buildings, electronic equipment, etc. that were not the instrument and equipment used for R&amp;D activities as stipulated by tax laws.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. Others</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">58</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company didn&#8217;t subject other expenses directly related to the Company&#8217;s R&amp;D activities, such as costs of spare parts for process improvement of R&amp;D projects, office expenses, travel expenses and other public expenses for R&amp;D projects, to super deductions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. Intermediaries&#8217; verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:31.9pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In response to the foregoing, the Sponsor and the Reporting Accountant have implemented the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Review the internal control documents of the Issuer concerning R&amp;D expenses, and assess the effectiveness of the implementation thereof;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Review various systems of the Issuer governing R&amp;D management, and have access to and examine the documents and information relating to major R&amp;D projects of the Issuer during the reporting period, such as project approval forms, project completion reports, patent certificates and R&amp;D project management practices;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Interview the person in charge of the R&amp;D Department and the person in charge of the Finance Department to have a knowledge of the requisition process of R&amp;D materials, the final destination of R&amp;D materials requisitioned and the disposal of R&amp;D residuals, scraps and samples, and verify the compliance of the relevant accounting treatment with applicable provisions of the Accounting Standard for Business Enterprises;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. Check the itemized statement of R&amp;D expenses, randomly check the employees&#8217; payroll list and the bank slips thereof, have a knowledge of the composition and appointment or removal of R&amp;D staff, and learn about their average salary level and the issuance thereof;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. Obtain the details of raw materials and finished goods consumed, utility bills, share-based payment and other expenses under R&amp;D projects, randomly check the material requisition forms, application for expenses, approval letters, invoices and payment vouchers, and verify the authenticity of the expenses and the accuracy of the expense recognition;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">6. Obtain and double-check the depreciation and amortization computation lists of</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">59</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">laboratory fixed assets machinery and equipment, office equipment and software intended for R&amp;D;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">7. Obtain the income tax computation and payment report of the Issuer for the reporting period, review the regulations on super deduction for R&amp;D expenses and the scope of R&amp;D expenses eligible for pre-tax super deduction, and make an alignment with R&amp;D expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:31.9pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Upon verification, the Reporting Accountant believes that the internal control system of R&amp;D expenses of the Company is reasonably designed and effectively implemented during the reporting period, that the R&amp;D expenses of the Company are accurately recognized on an actual basis, and that the R&amp;D expenses are calculated, apportioned, and measured in an accurate manner.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q17. Share-based Payment</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, 1) in 2015, AXT, the controlling shareholder of the Company, granted employees of the Company AXT&#8217;s stock options and restricted stocks, and d</b><b style="font-size:12pt;font-weight:bold;">uring the reporting period, the Company confirmed that the corresponding amount of share-based payment is RMB1,710,900, RMB2,304,100, RMB2,783,700 and RMB3,320,100 respectively; 2) in 2020, the Issuer set up an employee stock ownership platform, and from January to June 2021, the Company confirmed that the share-based payment is RMB1,511,300; 3) in 2021, the Company granted employees of option incentives, and there was no relevant accounting treatment resulting from the share-based payment; 4) in December 2020, AXT, Jinchao Business Management, Beijing Bomeilian, Zhongke Hengye, Beijing Liaoyan, Beijing Dingmei, Boyu Yingchuang and Boyu Hengye contributed to the Company&#8217;s capital increase at the price of RMB1.32 per share, and the Company&#8217;s executives GUO Tao, HAO Ze and WANG Yuxin respectively held the property shares of Jinchao Business Management and Beijing Liaoyan.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">60</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the specific content and implementation of equity incentive and related arrangements that have been formulated or implemented, measurement method of fair value, determination basis of vesting period, calculation process of share-based payment, and whether the relevant accounting treatment conforms to the provisions of the Accounting Standards for Business Enterprises;</b><b style="font-size:12pt;font-weight:bold;"> (2) accounting treatment by the controlling shareholder and the Issuer of the stock options and restricted stocks granted by AXT, the controlling shareholder, to employees of the </b><b style="font-size:12pt;font-weight:bold;">Issuer, whether any incentivized employee held a position in the controlling shareholder or its subsidiary and the Issuer concurrently, and if yes, how to amortize the share-based payment; (3) positions of shareholders having </b><b style="font-size:12pt;font-weight:bold;">contributed to the capital increase in the Company in December 2020, whether it constitutes share-based payment and the basis; (4) basis and accuracy of amortization of share-based payment among costs and expenses.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Reporting Accountant are required to verify and give opinions.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Specific content and implementation of equity incentive and related arrangements that have been formulated or implemented, measurement method of fair value, determination basis of vesting period, calculation process of share-based payment, and whether the relevant accounting treatment conforms to the provisions of the Accounting Standards for Business Enterprises;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. Employee stock ownership platforms</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Specific content and implementation</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On December 25, 2020, the Company granted equity interest to a total of 54 employees through four employee stock ownership platforms: Beijing Dingmei, Beijing Liaoyan, Boyu Yingchuang and Boyu Hengye. The employee stock ownership</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">61</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">platforms become shareholders of the Company through capital increase;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In January 2022, MENG Fanwei, an incentive grantee of Boyu Yingchuang, and XI Jianhui, an incentive grantee of Boyu Hengye, resigned, and their shares (MENG Fanwei&#8217;s contribution to Boyu Yingchuang is RMB90,000, accounting for 31.0345%; XI Jianhui&#8217;s contribution to Boyu Hengye is RMB90,000, accounting for 10.7143%) were transferred to the employees WANG Xin and WANG Junyong respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Measurement method of fair value</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As to the fair value regarding the employee stock ownership platform, taking the capital increase price for external investors introduced in January 2021 as a reference, the Company employed Shanghai PG Advisory Co., Ltd. for appraisal who has issued the consulting report P2021-1231, according to which the fair value per registered capital share was evaluated as RMB4.08. The specific calculation process is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In accordance with the Capital Increase Agreement and Supplementary Agreement executed by Beijing Tongmei and another 13 organizations including Haitong New Driving Force on November 13, 2020: 1) The capital increase price is RMB5.03 per share; 2) if Beijing Tongmei is not listed on the exchange by December 31, 2022, AXT needs to repurchase shares at the request of the share subscriber, and the repurchase commitment can be deemed as a put option. Shanghai PG Advisory Co., Ltd. has evaluated the option based on the Black-Scholes model, with the following main parameters:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Exercise probability, i.e., the probability that the issuer fails to go public on December 31, 2022: 50%;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Exercise price: RMB5.03 per share;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3) Option validity period: From November 13, 2020 to December 31, 2022;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4) Risk-free interest rate: Based on the yield rate of the bonds on the benchmark date of assessment on the maturity date of Chinese government bonds. In the event that the exit event occurs less than one year ago, the yield rate with the same maturity period will be calculated by applying the interpolation method to Chinese government bonds;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5) Volatility: Based on the average value of historical stock price volatility of comparable companies with the same maturity period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">62</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">By substituting the foregoing parameters into the Black-Scholes model, it is estimated that the fair value of the put option is RMB0.95 per share, and then the fair value per unit of registered capital = 5.03-0.95 = RMB4.08 per share.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Determination basis of vesting period</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Article 18 of t</font><font style="font-size:12pt;">he Measures for Administration of </font><font style="font-size:12pt;">Employee Stock Ownership of Beijing Tongmei Xtal Technology Limited, &#8220;The service period is 36 months from the date when an employee acquires the equity interest/property share of the employee stock ownership platform&#8221;. The share-based payment confirmed by the employee stock ownership platform established by the Company will be amortized over 3 years.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Calculation process of share-based payment</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The calculation process of share-based payment of the employee stock ownership platforms in 2021 is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Formula</b></p></td><td style="vertical-align:middle;width:12.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Executives</b></p></td><td style="vertical-align:middle;width:12.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Employees</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Total shares (10,000 shares)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A</font></p></td><td style="vertical-align:middle;width:12.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">25.79</font></p></td><td style="vertical-align:middle;width:12.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">302.59</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Fair value per share (RMB/share)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">B</font></p></td><td style="vertical-align:middle;width:12.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4.08</font></p></td><td style="vertical-align:middle;width:12.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">4.08</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Cash consideration per share (RMB/share)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">C</font></p></td><td style="vertical-align:middle;width:12.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.32</font></p></td><td style="vertical-align:middle;width:12.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.32</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Estimated employee turnover rate</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">D</font></p></td><td style="vertical-align:middle;width:12.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">0.00%</font></p></td><td style="vertical-align:middle;width:12.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Vesting period (year)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">E</font></p></td><td style="vertical-align:middle;width:12.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:12.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Period from grant date to December 31, 2021 (year)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">F</font></p></td><td style="vertical-align:middle;width:12.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td><td style="vertical-align:middle;width:12.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">First instalment confirmed (RMB0&#8217;000)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">G=A*(B-C)*(1-D)*(F/E)</font></p></td><td style="vertical-align:middle;width:12.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">23.74</font></p></td><td style="vertical-align:middle;width:12.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">253.46</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Expected shares invalid due to separation (10,000 shares)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">H</font></p></td><td style="vertical-align:middle;width:12.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">13.65</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Expected share-based payment back after separation (RMB0&#8217;000)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">I=H*G/A</font></p></td><td style="vertical-align:middle;width:12.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:12.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">11.44</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.99%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Share-based payment confirmed in 2021 (RMB0&#8217;000)</font></p></td><td style="vertical-align:middle;width:32.82%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">J=G-I</font></p></td><td style="vertical-align:middle;width:12.09%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">23.74</font></p></td><td style="vertical-align:middle;width:12.07%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">242.02</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">63</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Option incentive</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Specific content and implementation</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In November 2021, the Company granted 7,302,036 stock options to a total of 171 employees, including the Company&#8217;s directors and executives, as well as the Company&#8217;s core management, core technical personnel and core business personnel, but excluding independent directors and supervisors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Vesting period and exercise arrangement: according to relevant provisions of the 2021 Stock Option Incentive Plan of Beijing Tongmei Xtal Technology Co., Ltd.,</font><font style="font-size:12pt;"> the vesting period is 36 months commencing from the date of granting stock options. During the vesting period, the stock options granted to the incentive grantees under this Plan shall not be exercised. The stock options will be exercised in two batches upon expiry of 36 months after such options are granted. The percentage of options available for exercise with respect to each batch is 1/2 and 1/2 of the total amount of stock options granted. The stock options granted to the incentive grantees shall not be exercised before the Company&#8217;s successful offering and listing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Exercise price: according to the 2021 Stock Option Incentive Plan of Beijing Tongmei Xtal Technology Co., Ltd.,</font><font style="font-size:12pt;"> the exercise price of the Incentive Plan is determined based on the transaction price of the most recent capital increase made by investors in Beijing Tongmei, and the exercise price is RMB5.03 per share.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Lock-up period and arrangement: </font><font style="font-size:12pt;">incentive grantees shall not reduce their holdings within 3 years from the date on which the stocks are acquired from the exercise of the options after the Company is listed; after the expiration of the lock-up period, incentive grantees shall comply with the provisions with respect to the reduction of holdings by the Company&#8217;s directors, supervisors and executives on a </font><i style="font-size:12pt;font-style:italic;">mutatis mutandis </i><font style="font-size:12pt;">basis, and shall abide by the then applicable laws, regulations, regulatory documents and the rules of the stock exchange where the Issuer is listed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Up to now, incentive grantees MENG Fanwei (56,360 options granted) and LIU Lin (14,844 options granted) have left the Company; LIN Bin (21,560 options granted) and Dianna Huang (16,842 options granted) have voluntarily given up their options.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Measurement method of fair value</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">64</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the fair value of equity interest under the option incentive plan, Shanghai PG Advisory Co., Ltd. employed by the Company appraised the fair value of the stock options granted on the grant date by adopting the binomial tree model and combining with the terms and conditions of stock option grant, and issued the consulting report P2021-1241.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Determination basis of vesting period</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Article 3 and Article 4, Chapter IV of the 2021 Stock Option Incentive Plan of Beijing Tongmei Xtal Technology Co., Ltd., &#8220;</font><font style="font-size:12pt;">The vesting period is 36 months commencing from the date of granting stock options. During the vesting period, the stock options granted to the incentive grantees under this Plan shall not be exercised&#8221;; &#8220;The stock options will be exercised in two batches upon expiry of 36 months after such options are granted. The percentage of options available for exercise with respect to each batch is 1/2 and 1/2 of the total amount of stock options granted. Within the date on which applicable options are exercisable, subject to the fulfillment of the exercise conditions as stipulated in this Plan, an incentive grantee may exercise his/her granted stock options in two batches in accordance with the following table. The period available for the exercise of options is 12 months, and the starting date of the next exercise period shall not be earlier than the expiration date of the preceding exercise period, and should the exercise conditions of each batch of stock options have not been fulfilled, then the relevant rights and interests shall not be deferred to the next period&#8221;. Therefore, the options granted by the Company are exercised in two batches, and the vesting period varies with the exercise date. The vesting period of the two batches of options is confirmed to be 3 years and 4 years respectively, and the relevant share-based payment is amortized separately.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Calculation process of share-based payment</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In 2021, the calculation process for the share-based payment under the Company&#39;s option incentives is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:30.95%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Item</b></p></td><td rowspan="2" style="vertical-align:middle;width:24.33%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Formula</b></p></td><td colspan="2" style="vertical-align:middle;width:22.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1</b><sup style="font-size:7.87pt;font-weight:bold;vertical-align:top;">st</sup><b style="font-size:10.5pt;font-weight:bold;"> Batch</b></p></td><td colspan="2" style="vertical-align:top;width:22.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2</b><sup style="font-size:7.87pt;font-weight:bold;vertical-align:top;">nd</sup><b style="font-size:10.5pt;font-weight:bold;"> Batch</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:30.95%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:24.33%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Executives</b></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Employees</b></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Executives</b></p></td><td style="vertical-align:middle;width:11.21%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Employees</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">65</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.95%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Total shares (10,000 shares)</font></p></td><td style="vertical-align:middle;width:24.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">A</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">43.70</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">321.40</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">43.70</font></p></td><td style="vertical-align:middle;width:11.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">321.40</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.95%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Fair value per option (RMB/option)</font></p></td><td style="vertical-align:middle;width:24.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">B</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.39</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.37</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.53</font></p></td><td style="vertical-align:middle;width:11.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">1.51</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.95%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Estimated employee turnover rate</font></p></td><td style="vertical-align:middle;width:24.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">C</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">0.00%</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9.00%</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">0.00%</font></p></td><td style="vertical-align:middle;width:11.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">9.00%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.95%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Vesting period (month)</font></p></td><td style="vertical-align:middle;width:24.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">D</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">36</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">36</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">48</font></p></td><td style="vertical-align:middle;width:11.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">48</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.95%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Period from grant date to December 31, 2021 (month)</font></p></td><td style="vertical-align:middle;width:24.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">E</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:11.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.95%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">First instalment confirmed (RMB0&#8217;000)</font></p></td><td style="vertical-align:middle;width:24.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">G=A*B* (1-C) *(E/D)</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3.37</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">22.26</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">2.79</font></p></td><td style="vertical-align:middle;width:11.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">18.40</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.95%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Expected shares invalid due to separation (10,000 shares)</font></p></td><td style="vertical-align:middle;width:24.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">H</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5.48</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">5.48</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.95%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Expected share-based payment back after separation (RMB0&#8217;000)</font></p></td><td style="vertical-align:middle;width:24.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">I=H*G/A</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">3</font><font style="font-size:10.5pt;">.38</font></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:11.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">0.31</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.95%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Share-based payment confirmed in 2021 (RMB0&#8217;000)</b></p></td><td style="vertical-align:middle;width:24.33%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">J=G-I</b></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">3.37</b></p></td><td style="vertical-align:middle;width:11.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">21.88</b></p></td><td style="vertical-align:middle;width:11.12%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2.79</b></p></td><td style="vertical-align:middle;width:11.21%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">18.09</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3</b><b style="font-size:12pt;font-weight:bold;">. Whether the relevant accounting treatment conforms to the provisions of the Accounting Standards for Business Enterprises</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Article 6, Chapter II of the </font><font style="font-size:12pt;">Accounting Standards for Business Enterprises No. 11 - Share-based Payments: </font><font style="font-size:12pt;">if such equity-settled share-based payment in exchange for services received from employees could not be exercised until the completion of services for a vesting period, or until the achievement of a specified performance condition, at each balance sheet date during the vesting period, the services received for the current period shall be recognized as related costs or expenses and capital reserve, at an amount equal to the fair value of the equity instruments at the grant date, based on the best estimate of the number of equity instruments expected to exercise. If, on the balance sheet date, subsequent information indicates that the number</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">66</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">of equity instruments expected to exercise is different from that previously estimated, an adjustment shall be made to make it the number of equity instruments actually expected to exercise on the vesting date.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Since the stock options cannot be exercised on the grant date, there is no need for relevant accounting treatment as of that date. At each balance sheet date during the vesting period, the Company evaluated each batch of options separately, and recognized </font><font style="font-size:12pt;">the services received for the current period as related costs or expenses and other capital reserves, at an amount equal to the fair value of the stock options at the grant date, based on the best estimate of the number of exercisable stock options. </font><font style="font-size:12pt;">The above treatment principles are applicable to the employee stock ownership platform and the option incentive.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the accounting treatment of the employees of the employee stock ownership platforms or the incentive grantees of options withdrawing from the employee stock ownership platforms and leaving during the reporting period, due to the vesting period stipulated for the Company&#8217;s grant, the originally confirmed share-based payment related to the employees who have withdrawn from the employee stock ownership platforms or left shall be charged back to offset the share-based payment for the current period when they withdrew from the employee stock ownership platforms or left.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In view of the above, the accounting treatment for the stock options by the I</font><font style="font-size:12pt;">ssuer conforms to the provisions of the Accounting Standards for Business Enterprises No. 11 - Share-based Payments</font><font style="font-size:12pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Accounting treatment by the controlling shareholder and the Issuer of the stock options and restricted stocks granted by AXT, the controlling shareholder, to employees of the Issuer, whether any incentivized employee held a position in the controlling shareholder or its subsidiary and the Issuer concurrently, and if yes, how to amortize the share-based payment;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1</b><b style="font-size:12pt;font-weight:bold;">. Accounting treatment by the controlling shareholder of the stock options and restricted stocks granted</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Relevant rules in US GAAP</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT, the controlling shareholder, is a NASDAQ-listed company in the United</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">67</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">States and is governed by US GAAP.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On the grant date, in accordance with provisions under FASB ASC 718-10-30-3, relevant transactions with share-based payment shall be measured at the fair value. The value of goods or services exchanged with share-based payment instruments shall be determined based on the fair value of the equity instruments granted on the grant date. Therefore, AXT adopts the Black-Scholes model to estimate the fair value of the stock options on each grant date. The fair value of the restricted stock on the grant date is determined by its closing price on the same day.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In subsequent amortization, the number and amortization period of the equity instruments that are finally exercisable is stipulated by US GAAP stipulates as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Number of equity instruments to be amortized</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">It is stipulated under FASB ASC 718-10-35-3 that in order to determine the share-based payment that should be recognized in each financial reporting period, the accounting subject may choose to estimate the number of equity instruments that are finally exercisable or recognize their effect only when they become invalid. AXT chooses the former, by which means the estimated number of equity instruments that are actually exercisable in the end is adjusted based on subsequent information on each balance sheet date. In accordance with the stock options and restricted stock terms granted by AXT to employees of the Issuer, as AXT has granted a waiting period, in the event of employment separation of any employee during the waiting period, on each balance sheet date, AXT will adopt the historical separation rate and other reference factors, to re-estimate the number of equity instruments that are finally exercisable, and amortize the fair value of the equity instruments that are finally exercisable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Amortization period</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">It is stipulated under FASB ASC 718-10-35-8 that when the equity instruments granted have and only have the condition for the service period of vesting in batches, the entity may choose to make share-based payment based on the service period of each batch of vested equity instruments. The expenses can also be amortized based on the longest service period of a batch. The equity instruments issued by AXT only have the service period condition. Therefore, AXT chooses to amortize the share-based payment</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">68</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">based on the longest waiting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Calculation process of the share-based payment for stock options and restricted stocks</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, with regard to the stock options and restricted stocks granted by AXT, the controlling shareholder, to employees of the Issuer, AXT recognized share-based payments of RMB2.3041 million, RMB2.7837 million and RMB6.9109 million respectively. The specific calculation process is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1) Stock options</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT granted the stock options to employees of the Issuer in November 2015, January 2016 and October 2016 respectively. The amortization and calculation processes of its share-based payment expenses in 2019 and 2020 are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:10.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Grant status</p></td><td style="vertical-align:middle;width:34.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Grant date</p></td><td style="vertical-align:middle;width:19.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">November 2, 2015</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">January 4, 2016</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">October 28, 2016</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Number (0&#8217;000 shares)</p></td><td style="vertical-align:middle;width:19.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">A</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">8.20</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.80</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">10.70</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Fair value on the grant date (USD/share)</p></td><td style="vertical-align:middle;width:19.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">B</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.90</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1.01</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1.95</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Total number of days of amortization</p></td><td style="vertical-align:middle;width:19.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">C</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,461</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,461</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,461</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:10.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2019</p></td><td style="vertical-align:middle;width:34.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Number of days of amortization in 2019</p></td><td style="vertical-align:middle;width:19.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">D</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">306</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">365</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">365</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Amount of reversal of share-based payment due to employment separation in 2019 (USD0&#8217;000)</p></td><td style="vertical-align:middle;width:19.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">E</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.19</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><b style="font-weight:bold;">Amount of amortization in 2019 (USD0&#8217;000)</b></p></td><td style="vertical-align:middle;width:19.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">F=A*B*(D/C)-E</b></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">1.54</b></p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">0.20</b></p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">5.02</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:10.57%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:34.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Number of days of amortization in 2020</p></td><td style="vertical-align:middle;width:19.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">G</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">302</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.57%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;">Amount of reversal of share-based payment due to employment separation in 2020 (USD0&#8217;000)</p></td><td style="vertical-align:middle;width:19.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">H</p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.15</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.57%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.28%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.9pt 0pt 2.9pt;"><b style="font-weight:bold;">Amount of amortization in 2020 (USD0&#8217;000)</b></p></td><td style="vertical-align:middle;width:19.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">I==A*B*(G/C)-H</b></p></td><td style="vertical-align:middle;width:12.04%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:10.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">0.002</b></p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">4.16</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Note: As of December 31, 2020, the stock option expenses have been fully amortized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2) Restricted stock</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT has granted restricted shares to employees of the Issuer in batches since 2017. The amortization and calculation processes of its share-based payment expenses during the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> 2019 and 2020</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">69</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Grant status</p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 2.9pt 0pt 2.9pt;">Grant year</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2017</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2018</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2019</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2020</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 2.9pt 0pt 2.9pt;">Number (0&#8217;000 shares)</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">A</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">6.60</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">7.77</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">7.94</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">17.29</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 2.9pt 0pt 2.9pt;">Fair value on the grant date (USD/share)</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">B</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">9.50</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5.89</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3.04-3.06</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.76-10.24</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 2.9pt 0pt 2.9pt;">Total number of days of amortization</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">C</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,461</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,461</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,461</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,341-1,461</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2019</p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 2.9pt 0pt 2.9pt;">Number of days of amortization in 2019</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">D</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">365</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">365</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">41-55</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 2.9pt 0pt 2.9pt;">Amount of reversal of share-based payment due to employment separation in 2019 (USD0&#8217;000)</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">E</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1.07</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.27</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 2.9pt 0pt 2.9pt;"><b style="font-weight:bold;">Amount of amortization in 2019 (USD0&#8217;000)</b></p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">F=A*B*(D/C)-E</b></p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">14.59</b></p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">11.16</b></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">0.91</b></p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:10.16%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 2.9pt 0pt 2.9pt;">Number of days of amortization in 2020</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">G</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">366</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">366</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">366</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14-163</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.16%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 2.9pt 0pt 2.9pt;">Amount of reversal of share-based payment due to employment separation in 2020 (USD0&#8217;000)</p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">H</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1.07</p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.30</p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.06</p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:10.16%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:33.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 2.9pt 0pt 2.9pt;"><b style="font-weight:bold;">Amount of amortization in 2020 (USD0&#8217;000)</b></p></td><td style="vertical-align:middle;width:18.59%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">I==A*B*(G/C)-H</b></p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">14.63</b></p></td><td style="vertical-align:middle;width:7.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">11.16</b></p></td><td style="vertical-align:middle;width:10.86%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">6.02</b></p></td><td style="vertical-align:middle;width:13.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">4.38</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> 2021</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">From March 2021, relevant personnel of AXT were transferred to AXT-Tongmei along with the business, and the expenses for the restricted stocks granted to them were also assumed by the Issuer. The scope of restricted stocks assumed by the issuer has been significantly expanded. For the convenience of presentation, amortization for 2021 is presented separately. Meanwhile, since there are a lot of batches of restricted stocks granted, to avoid lengthy presentation, multiple batches of restricted stocks granted in the same year are consolidated in the form of ranges. Details are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:27.26%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.92%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.91%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.17%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.91%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.91%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.87%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.26%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;">Grant year</p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2017</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2018</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2019</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:11.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2021</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.26%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;">Number (0&#8217;000 shares)</p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">A</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19.56</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">18.29</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">29.95</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">31.20</p></td><td style="vertical-align:middle;width:11.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">12.53</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.26%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;">Fair value on the grant date (USD/share)</p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">B</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">8.65-9.50</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5.89</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3.04-5.55</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.00-10.24</p></td><td style="vertical-align:middle;width:11.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">7.88-10.03</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.26%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;">Total number of days of amortization</p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">C</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1378-1,461</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,461</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,461-1470</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,341-1,461</p></td><td style="vertical-align:middle;width:11.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,419-1,461</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.26%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;">Number of days of amortization in 2021</p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">D</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">63-299</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">305-365</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">305-365</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">305-365</p></td><td style="vertical-align:middle;width:11.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3-244</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.26%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;">Amount of reversal of share-based payment due to </p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">E</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.36</p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3.80</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1.61</p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">9.67</p></td><td style="vertical-align:middle;width:11.87%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">-</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">70</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:27.24%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.92%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.91%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.17%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.91%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.91%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.89%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.24%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;">employment separation in 2021 (USD0&#8217;000)</p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:27.24%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;"><b style="font-weight:bold;">Amount of amortization in 2021 (USD0&#8217;000)</b></p></td><td style="vertical-align:middle;width:15.92%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">F=A*B*(D/C)-E</b></p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">24.35</b></p></td><td style="vertical-align:middle;width:9.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">20.56</b></p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">23.01</b></p></td><td style="vertical-align:middle;width:11.91%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">33.36</b></p></td><td style="vertical-align:middle;width:11.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">6.05</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Amortization results of the foregoing share-based payment expenses are summarized as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0.5pt;padding-right:0.5pt;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:20.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;">Stock option expenses</p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">4.16</p></td><td style="vertical-align:middle;width:20.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">6.76</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;">Restricted stock expenses</p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">107.33</p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">36.19</p></td><td style="vertical-align:middle;width:20.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">26.66</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;">Total (USD0&#8217;000) </p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">107.33</p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">40.35</p></td><td style="vertical-align:middle;width:20.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">33.42</p></td></tr><tr style="height:19.8pt;"><td style="vertical-align:middle;width:38.72%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 2.15pt;"><b style="font-weight:bold;">Total (RMB0&#8217;000)</b></p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">691.09</b></p></td><td style="vertical-align:middle;width:20.42%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0.25pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">278.37</b></p></td><td style="vertical-align:middle;width:20.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 0pt 0pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">230.41</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2</b><b style="font-size:12pt;font-weight:bold;">. Accounting treatment by the Issuer of the stock options and restricted stocks granted</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) The share-based payment is treated as equity settlement</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Item II, Q7 of the </font><font style="font-size:12pt;">Interpretation of A</font><font style="font-size:12pt;">ccounting Standards for Business Enterprises No. 4, if no settlement obligation is imposed on the enterprise receiving services or the enterprise&#8217;s equity instruments are granted to its staff, the share-based payment shall be treated as equity settlement; if any settlement obligation is imposed on the enterprise receiving services and the equity instruments of another enterprise subordinate to the group are granted to its staff, the share-based payment shall be treated as cash settlement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">AXT, the controlling shareholder, grants employees of the Issuer stock options and restricted stocks. The Issuer has no settlement obligation, so the share-based payment should be treated as equity settlement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Accounting treatment by the Issuer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to Article 6, Chapter II of the </font><font style="font-size:12pt;">Accounting Standards for Business Enterprises No. 11 - Share-based Payments</font><font style="font-size:12pt;">: </font><font style="font-size:12pt;">if such equity-settled share-based payment in exchange for services received from employees could not be exercised until the completion of services for a vesting period, or until the achievement of a specified performance condition, at each balance sheet date during the vesting period, the services received for the current period shall be recognized as related costs or expenses</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">71</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">and capital reserve, at an amount equal to the fair value of the equity instruments at the grant date, based on the best estimate of the number of equity instruments expected to exercise. If, on the balance sheet date, subsequent information indicates that the number of equity instruments expected to exercise is different from that previously estimated, an adjustment shall be made to make it the number of equity instruments actually expected to exercise on the vesting date.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Since the stock options and restricted stocks cannot be exercised on the grant date, there is no need for relevant accounting treatment. At each balance sheet date during the vesting period, the Company evaluated each batch of stock options and restricted stocks separately, and recognized </font><font style="font-size:12pt;">the services received for the current period as related costs or expenses and other capital reserves, at an amount equal to the fair value of the stock options at the grant date, based on the best estimate of the number of stock options expected to exercise.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">For the accounting treatment of the incentive grantees of stock options and restricted stocks leaving during the reporting period, due to the vesting period stipulated for the controlling shareholder&#8217;s grant, the originally confirmed share-based payment related to the employees who have left shall be charged back to offset the share-based payment for the current period when they left.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, regarding the grant of stock options and restricted stocks by AXT, the controlling shareholder, to employees of the Issuer, the Issuer confirmed that the amount of share-based payment was RMB2,304,100, RMB2,783,700 and RMB6,910,900 respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3</b><b style="font-size:12pt;font-weight:bold;">. Whether any incentivized employee held a position in the controlling shareholder or its subsidiary and the Issuer concurrently, and if yes, how to amortize the share-based payment;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">A</font><font style="font-size:12pt;">ll the incentivized employees are employees of the Issuer, and there is no case where any incentivized employee held a position in the controlling shareholder or its subsidiary and the Issuer concurrently.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Positions of shareholders having contributed to the capital increase in the Company in December 2020, whether it constitutes share-based payment and</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">72</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">the basis</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1.</b><b style="font-size:12pt;font-weight:bold;"> Positions of shareholders having contributed to the capital increase in the Company in December 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On December 25, 2020, Tongmei Limited held a shareholders&#8217; meeting, agreeing to increase the Company&#8217;s registered capital from RMB301,106,668.53 to RMB820,960,319. The newly added registered capital comprises RMB516,569,800, which was subscribed by AXT, Jinchao Business Management, Beijing Bomeilian, and Zhongke Hengye in the form of equity, and RMB3,283,841, which was subscribed by Beijing Liaoyan, Beijing Dingmei, Boyu Yingchuang, and Boyu Hengye in the form of cash.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Except AXT as the controlling shareholder of the Company, the shareholding structure and positions of other shareholders having contributed to the capital increase in the Company are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) Jinchao Business Management</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Jinchao Business Management is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:15.82%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.69%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.69%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:33.97%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.11%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.7%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:15.82%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of partner</b></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of partner</b></p></td><td style="vertical-align:middle;width:14.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital contribution (RMB 0&#8217;000)</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:33.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of capital contribution (%)</b></p></td><td style="vertical-align:middle;width:10.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:15.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.82%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">GUO Tao</font></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:14.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">41</font></p></td><td style="vertical-align:middle;width:33.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">15.0183</font></p></td><td style="vertical-align:middle;width:10.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:15.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director, Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.82%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LU Qinjian</font></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:14.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">25</font></p></td><td style="vertical-align:middle;width:33.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9.1575</font></p></td><td style="vertical-align:middle;width:10.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:15.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.82%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XING Zhiguo</font></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:14.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">25</font></p></td><td style="vertical-align:middle;width:33.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9.1575</font></p></td><td style="vertical-align:middle;width:10.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:15.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.82%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YANG Guifang</font></p></td><td style="vertical-align:middle;width:9.69%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:14.69%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:33.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:10.11%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:15.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Engineer in Charge</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">73</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:18.85%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Changping</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">TANG Zhiguo</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Yang</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">QIU Caiyong</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LV Xueping</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Vice Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Wenbing</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">12</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.3956</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">DU Wanyi</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.6630</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Vice Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Jiuyu</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.1978</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;white-space:pre-wrap;"> Section Chief</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YU Yihai</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.1978</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director Assistant</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">JIANG Jingfang</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.1978</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director Assistant</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">DUAN Linlin</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.1978</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director Assistant</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">DONG Baowu</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.1978</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Section Chief</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">QIAN Changjun</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Section Chief</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XIAO Aihong</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director Assistant</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">74</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:18.85%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHENG Dan</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Vice Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">JING Mingjuan</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director Assistant</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">JIANG Jun</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YE Bing</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Section Chief</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Yubin</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Vice Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XU Shuangxi</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Section Chief</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Xiaofei</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Section Chief</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">CHONG Lei</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.8315</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director Assistant</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.85%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinchao</font></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General partner</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:16.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.9304</font></p></td><td style="vertical-align:middle;width:13.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">N/A</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">N/A</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:18.85%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.63%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:18.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">273</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:13.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:19.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) Zhongke Hengye</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Zhongke Hengye is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:16.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.2%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:16.72%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:26.62%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:14.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:14.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:16.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:16.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital contribution (RMB 0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:26.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of capital contribution (%)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:14.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">HE Junfang</font></p></td><td style="vertical-align:middle;width:11.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:16.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1,580</font></p></td><td style="vertical-align:middle;width:26.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">79.00</font></p></td><td style="vertical-align:middle;width:14.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General Manager</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">75</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:16.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.2%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.72%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:26.62%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of partner</b></p></td><td style="vertical-align:middle;width:11.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of partner</b></p></td><td style="vertical-align:middle;width:16.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital contribution (RMB 0&#8217;000)</b></p></td><td style="vertical-align:middle;width:26.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of capital contribution (%)</b></p></td><td style="vertical-align:middle;width:14.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Junyong</font></p></td><td style="vertical-align:middle;width:11.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:16.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">400</font></p></td><td style="vertical-align:middle;width:26.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">20.00</font></p></td><td style="vertical-align:middle;width:14.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Zhongke Yingchuang (Beijing) Technology Development Co., Ltd.</font></p></td><td style="vertical-align:middle;width:11.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General partner</font></p></td><td style="vertical-align:middle;width:16.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">20</font></p></td><td style="vertical-align:middle;width:26.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.00</font></p></td><td style="vertical-align:middle;width:14.1%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">N/A</font></p></td><td style="vertical-align:middle;width:14.55%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">N/A</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:16.79%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:11.2%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:16.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">2,000</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:26.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:14.1%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(3) Beijing Bomeilian</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Beijing Bomeilian is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:22.31%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.22%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:27.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:16%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:12.72%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:22.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of shareholder</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital contribution (RMB0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:27.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of capital contribution (%)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">HE Junfang</font></p></td><td style="vertical-align:middle;width:21.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">133.33</font></p></td><td style="vertical-align:middle;width:27.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">66.67</font></p></td><td style="vertical-align:middle;width:16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.31%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Zhongke Hengye</font></p></td><td style="vertical-align:middle;width:21.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">66.67</font></p></td><td style="vertical-align:middle;width:27.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">33.33</font></p></td><td style="vertical-align:middle;width:16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">N/A</font></p></td><td style="vertical-align:middle;width:12.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">N/A</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:22.31%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:21.22%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">200.00</b></p></td><td style="vertical-align:middle;white-space:normal;width:27.74%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:16%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:12.72%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(4) Beijing Dingmei</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Beijing Dingmei is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">76</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:normal;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:normal;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of partner</b></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of partner</b></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital contribution (RMB0&#8217;000)</b></p></td><td style="vertical-align:middle;white-space:normal;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of capital contribution (%)</b></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YANG Songmei</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.8246</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LI Zhigao</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Factory Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">GENG Yingjie</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YANG Jun</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">KAI Li</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">CHEN Yu</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Financial Manager of Subsidiary</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">HUANG Jiahua</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Senior Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHAO Bo</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Technical Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XU Lixin</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.9474</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LI Jingping</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.9474</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XING Zhihong</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.9474</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Factory Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Tianyu</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.9474</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Senior Manager</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">77</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">LI Lintan</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">3.9474</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">CHEN Weijun</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">WANG Yufeng</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">LI Kexin</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">HU Chengbin</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Senior Technologist</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">ZHU Yongsheng</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Crystal Growth Technician</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">WANG Ling</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">LI Xin</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Crystal Growth Technician</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">ZHANG Liwei</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Senior Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">SUN Guofeng</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">XIA Haosheng</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Crystal Growth Technician</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">WANG Qiutong</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:10.5pt;">Senior Manager</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">78</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Xiangdong</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.6316</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">JIANG Jun</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2.193</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Chunbao</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.7544</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LI Yinhu</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.3158</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Senior Engineer</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LI Hongmei</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.3158</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">CHEN Xuguang</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1.3158</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Senior Officer</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Youmu</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">0.8772</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YANG Yingju</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4.386</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Financial Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">228.00</b></p></td><td style="vertical-align:middle;white-space:normal;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(5) Beijing Liaoyan</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Beijing Liaoyan is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:13.65%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:12.7%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:17.89%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:13.65%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:12.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital contribution (RMB0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:17.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of capital contribution (%)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.65%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">HAO Ze</font></p></td><td style="vertical-align:middle;width:12.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">17</font></p></td><td style="vertical-align:middle;width:17.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">18.4783</font></p></td><td style="vertical-align:middle;width:18.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:18.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director, Chief Financial Officer, Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.65%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LI Haimiao</font></p></td><td style="vertical-align:middle;width:12.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">14</font></p></td><td style="vertical-align:middle;width:17.89%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">15.2174</font></p></td><td style="vertical-align:middle;width:18.39%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:18.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Technical Manager</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">79</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:13.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.7%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.9%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.4%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of partner</b></p></td><td style="vertical-align:middle;width:12.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of partner</b></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital contribution (RMB0&#8217;000)</b></p></td><td style="vertical-align:middle;width:17.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of capital contribution (%)</b></p></td><td style="vertical-align:middle;width:18.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:18.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Yuanli</font></p></td><td style="vertical-align:middle;width:12.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:17.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">11.9565</font></p></td><td style="vertical-align:middle;width:18.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:18.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Key technical staff</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XIAO Yadong</font></p></td><td style="vertical-align:middle;width:12.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:17.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">11.9565</font></p></td><td style="vertical-align:middle;width:18.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:18.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Technical Factory Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">REN Diansheng</font></p></td><td style="vertical-align:middle;width:12.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:17.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">11.9565</font></p></td><td style="vertical-align:middle;width:18.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:18.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Key technical staff</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">SHI Ning</font></p></td><td style="vertical-align:middle;width:12.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">11</font></p></td><td style="vertical-align:middle;width:17.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">11.9565</font></p></td><td style="vertical-align:middle;width:18.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:18.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Factory Director</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.63%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Yuxin</font></p></td><td style="vertical-align:middle;width:12.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General partner</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">17</font></p></td><td style="vertical-align:middle;width:17.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">18.4783</font></p></td><td style="vertical-align:middle;width:18.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Tongmei</font></p></td><td style="vertical-align:middle;width:18.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Director, Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:13.63%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:12.7%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:18.96%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">92.00</b></p></td><td style="vertical-align:middle;white-space:normal;width:17.9%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:18.4%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.37%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(6) Boyu Yingchuang</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Boyu Yingchuang is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of partner</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital contribution (RMB0&#8217;000)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:normal;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of capital contribution (%)</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Junyong</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">20</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">68.9655</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Xin</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">31.0345</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Financial Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">29.00</b></p></td><td style="vertical-align:middle;white-space:normal;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(7) Boyu Hengye</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of the date of this Reply, the property share structure of Boyu Hengye is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">80</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:normal;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:normal;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of partner</b></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Type of partner</b></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Amount of capital contribution (RMB0&#8217;000)</b></p></td><td style="vertical-align:middle;white-space:normal;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Percentage of capital contribution (%)</b></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Position</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Juan</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">YANG Huanping</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Junyong</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy General Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIAN Lu</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Chun</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">XU Mengjian</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Shuyue</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">7.1429</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">R&amp;D Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Chunjing</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.5714</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">LIU Ying</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.5714</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">MAO Congjie</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.5714</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WU Dan</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.5714</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">R&amp;D Supervisor</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">ZHANG Jiawei</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Limited partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3.5714</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">R&amp;D Supervisor</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">81</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.01%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.17%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">WANG Yanjie</font></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">General partner</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">9</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">10.7143</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Deputy Manager</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:15.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">84.00</b></p></td><td style="vertical-align:middle;white-space:normal;width:21.01%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">100.00</b></p></td><td style="vertical-align:top;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.17%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Share-based payment by shareholders having contributed to the capital increase in December 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:19.67%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:37.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:43.08%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Name of shareholder</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">Share-based payment or not</b></p></th></tr><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">1</font></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">AXT</font></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">No</font></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">2</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Jinchao Business Management</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">3</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Zhongke Hengye</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">4</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Bomeilian</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">No</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">5</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Liaoyan</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">6</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Beijing Dingmei</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">7</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Boyu Yingchuang</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.67%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">8</font></p></td><td style="vertical-align:middle;width:37.24%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Boyu Hengye</font></p></td><td style="vertical-align:middle;width:43.08%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:10.5pt;">Yes</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) The act of AXT, Jinchao Business Management, Zhongke Hengye and Beijing Bomeilian does not constitute share-based payment</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the </font><font style="font-size:12pt;">Accounting Standards for Business Enterprises No. 11 - Share-based Payments </font><font style="font-size:12pt;">and relevant interpretation, share-based payment refers to the transaction in which an enterprise grants equity instruments or assumes liabilities determined on the basis of equity instruments in order to receive services from employees or other parties. According to the definition, whether the transfer of shares or issuance of new shares by the Company during the reporting period constitutes share-based payment can be judged from the following two aspects: I. whether the Issuer has exchanged services from employees or other parties, including issuing shares to employees or specific suppliers at a low price in exchange for services; II. whether there is a large difference between equity transaction price and fair value.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">As per the reply on share-based payments in the Certain Questions and Answers on IPO Business, &#8220;Under normal circumstances, changes of shares resulting from regulatory measures such as resolution of nominee holdings of shares, non-transaction</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">82</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">conduct such as property division among family, succession, and donation, asset restructuring, mergers and acquisitions, changes of shareholding manners, placement of new shares with existing shareholders in the same proportion, or the like generally need not be treated as share-based payments if there is sufficient evidence that the acquisition of the relevant shares is irrelevant to the issuer&#8217;s acquisition of services.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In December 2020, AXT, Jinchao Business Management, Zhongke Hengye and Beijing Bomeilian acquired the Issuer&#8217;s equity interest through equity capital increase, which is not a share-based payment mainly for the following reasons: the contribution made by AXT, Jinchao Business Management, Zhongke Hengye and Beijing Bomeilian to the capital increase of the Issuer with the equity interest in five companies such as Beijing Boyu is the Issuer&#8217;s act of asset reorganization to solve the problem of horizontal competition and improve the comprehensive strength of the Company, but not to receive the services provided by the parties contributing to the capital increase to the Company. The Issuer has not agreed on any service matters with the above parties for the issue, so there is no case where the Issuer issues shares in exchange for the services from the transferee.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(2) The act of Beijing Liaoyan, Beijing Dingmei, Boyu Yingchuang and Boyu Hengye constitutes share-based payment</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In order to realize that employees share the achievements of the Company and for the purpose of motivating employees, the Company sets up employee stock ownership platforms to realize employee stock ownership based on the principle of voluntariness and assumption of risk. Employees add capital to the Company through four employee stock ownership platforms: Beijing Liaoyan, Beijing Dingmei, Boyu Yingchuang and Boyu Hengye. The Company has recognized the share-based payment of RMB2,657,600 in 2021 for the capital increase through the above employee stock ownership platforms.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The share changes of the employee stock ownership platforms are subject to the Accounting Standards for Business Enterprises No. 11 - Share-based Payments, and the relevant accounting treatment complies with the relevant provisions of the Accounting Standards for Business Enterprises.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">83</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) Basis and accuracy of amortization of share-based payment among costs and expenses.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the department, work content and nature of the incentivized employees, the Company calculated the share-based payment expenses for each incentivized employee and included the same into corresponding costs, selling expenses, management expenses or R&amp;D expenses. </font><font style="font-size:12pt;">For motivated employees who may undertake multiple work contents and natures, the company determines the nature of their work based on their attendance and work records, and share-based payment expenses are amortized in different expenses according to the attendance records.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the Company&#8217;s attendance and work records, most of motivated objects have fixed positions during the reporting period, who do not hold different positions in the same year; a small number of them are allocated to different positions as needed for their own positions and the Company&#8217;s production. The Company amortizes their remunerations in different expenses according to their working hours based on the attendance records.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">During the reporting period, the Company&#8217;s share-based payments by expense type are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;text-indent:21pt;margin:0pt;"><font style="font-size:10.5pt;">In RMB0&#8217;000</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">By expense type</b></p></td><td style="vertical-align:middle;width:18.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:18.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:18.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Selling expenses</font></p></td><td style="vertical-align:middle;width:18.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">162.57</font></p></td><td style="vertical-align:middle;width:18.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">5.74</font></p></td><td style="vertical-align:middle;width:18.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">4.16</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Management expenses</font></p></td><td style="vertical-align:middle;width:18.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">262.92</font></p></td><td style="vertical-align:middle;width:18.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">118.73</font></p></td><td style="vertical-align:middle;width:18.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">94.85</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">R&amp;D expenses</font></p></td><td style="vertical-align:middle;width:18.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">342.48</font></p></td><td style="vertical-align:middle;width:18.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">38.51</font></p></td><td style="vertical-align:middle;width:18.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">31.09</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.72%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Production costs</font></p></td><td style="vertical-align:middle;width:18.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">235.01</font></p></td><td style="vertical-align:middle;width:18.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">115.40</font></p></td><td style="vertical-align:middle;width:18.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">100.31</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.72%;border-bottom:1.5pt solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:18.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">1,002.98</b></p></td><td style="vertical-align:middle;width:18.73%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">278.37</b></p></td><td style="vertical-align:middle;width:18.73%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">230.41</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">To sum up, the share-based payment expenses of the Company during the reporting period were amortized on a reasonable basis and in an accurate amount.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. Intermediaries&#8217; verification</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Sponsor and the Reporting Accountant have carried out the following</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">84</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">verification procedures with respect to the aforesaid issues:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Reviewed relevant documents including, among others, the resolutions of the board of directors and the general meeting of shareholders, and the corresponding plan and partnership agreements related to the implementation by the Company of the employee stock ownership plan and the equity incentive plan, and confirm the grantees, grant price, grant time, lock-in period and tenure in connection therewith;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2. Reviewed the appraisal report issued by </font><font style="font-size:12pt;">Shanghai PG Advisory Co., Ltd.</font><font style="font-size:12pt;">;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. Combined with the previous equity changes to review the accounting treatment process of share-based payment, whether it conforms to the relevant provisions of the Accounting Standards for Business Enterprises, and whether the Accounting Standards for Business Enterprises No. 11 - Share-based Payments is applicable to the relevant share changes;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">4. Review the implementation of the Issuer&#8217;s equity incentive plan, introduce internal valuation experts of the Reporting Accountant to evaluate the rationality and fairness of the measurement methods of fair value of relevant equity instruments and the calculation process of share-based payment, checked the period in which share-based payment is included, and verified whether the accounting treatment of share-based payment conforms to the provisions of accounting standards for enterprises;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Verification opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Upon verification, the Reporting Accountant believes that the related share-based payment contents disclosed by the Company are true, complete and accurate, the accounting treatment for share-based payment contents is reasonable, and the amortization and measurement of share-based payment are reasonable and accurate.</b></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">85</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
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end
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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>76
<FILENAME>axti-20220418.xsd
<DESCRIPTION>EX-101.SCH
<TEXT>
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<DOCUMENT>
<TYPE>EX-101.LAB
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<DESCRIPTION>EX-101.LAB
<TEXT>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>78
<FILENAME>axti-20220418_pre.xml
<DESCRIPTION>EX-101.PRE
<TEXT>
<XBRL>
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<!--Created on: 4/18/2022 7:38:41 PM-->
<!--Modified on: 4/18/2022 7:38:41 PM-->
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<TYPE>XML
<SEQUENCE>79
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140170816088728">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Apr. 18, 2022</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Apr. 18,  2022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-24085<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AXT,&#160;INC.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">94-3031310<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">4281 Technology Drive<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Fremont<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">94538<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">510<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">438-4700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.001 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AXTI<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001051627<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
